President Xi of China pledges $50 billion to Africa over the next three years.

On Thursday, September 5, Chinese leader Xi Jinping committed more than $50 billion in financing for Africa over the next three years.

According to official media, more than 50 African leaders, including UN Secretary-General Antonio Guterres, will attend this week’s China-Africa Forum.

On Thursday, Xi told the leaders at the forum’s opening ceremony in Beijing’s Great Hall of the People that ties with Africa are in their “best period in history”.

Xi committed to strengthen infrastructural and trade ties with Africa.

“China is ready to deepen cooperation with African countries in industry, agriculture, infrastructure, trade and investment,” according to Xi.

“Over the next three years, the Chinese government is willing to provide financial support amounting to 360 billion yuan ($50.7 billion),” the president added.

Over half of that will be in financing, he claimed, with $11 billion “in various types of assistance” and $10 billion to encourage Chinese enterprises to invest.

He also promised to assist “create at least one million jobs for Africa”.

The Chinese leader also offered $141 million in military support to the continent.

Chinese troops would “provide training for 6,000 military personnel and 1,000 police and law enforcement officers from Africa” , according to Xi.

UN Secretary-General Guterres also addressed the summit, telling African leaders that developing relations between China and the continent have the potential to “drive the renewable energy revolution”.

“China’s remarkable record of development — including on eradicating poverty — provides a wealth of experience and expertise,” said Mr. Wang.

China is Africa’s greatest commercial partner, and it has attempted to exploit the continent’s immense reserves of natural resources such as copper, gold, lithium, and rare earth minerals.