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China offers Africa billions in fresh funding, promises 1 million tasks

Chinese President Xi Jinping on Thursday pledged $51 billion in fresh financing to Africa, assistance for 30 infrastructure projects throughout the resourcerich continent, and assured to develop at least 1 million jobs.

In a speech at a major China-Africa cooperation summit, Xi guaranteed delegrates from more than 50 African nations that the $ 19 trillion Chinese economy will unilaterally enhance access to its market for African trade.

The Forum on China-Africa Cooperation Summit, held in Beijing this year, sets a three year agenda for ties between the world's second-largest economy and the world's fastest-growing continent.

Speaking at the opening event of the summit, Xi stated China is ready to launch 30 clean energy tasks in Africa and also support the continent's atomic energy objectives, helping address a power deficit that has long kept back Africa's more comprehensive industrialisation goals.

China is also prepared to carry out 30 infrastructure connectivity tasks in Africa and put in location a China-Africa network including land-sea links and collaborated development, he stated.

We are ready to assist in the advancement of the African Continental Open Market Location, and deepen logistics and monetary cooperation for the benefit of trans-regional development in Africa, Xi included.

China would extend 360 billion yuan

(source: Reuters)