BEIJING – President Xi Jinping on Thursday promised that China was ready to work jointly with Africa to expedite the modernization process and pledged to a massive funding to achieve the goal.

Addressing the 2024 Summit of Forum on China-Africa Cooperation (FOCAC), Xi pledged to step up his country’s support to the world’s fastest-growing continent with funding of nearly $51 billion, backing for more infrastructure initiatives and a promise to create at least 1 million jobs.

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In recent years, Beijing seemingly wants to move away from funding large-scale infrastructure projects and focus on investment by Chinese companies – a trend witnessed since COVID-19 pandemic paralyzed the world economy.

Instead, China is now focusing on selling the advanced and green technologies to developing economies.

MODERNIZATION

But still, Xi told delegates from more than 50 African nations that the world’s second-largest economy would carry out 30 infrastructure projects across the resource-rich continent, and offer $50.70 billion in financial assistance.

“China is ready to deepen cooperation with Africa in industry, agriculture, infrastructure, trade and [Chinese] investment,” Xi told the delegates.

One-third of the world’s population lives in China and Africa, and there will be no global modernization without the modernization of China and Africa, he remarked.

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The emphasis on modernization is because of the fact that a large population in Africa still lacks access to basic infrastructure and latest developments in science and technology.

But it is Africa which lags behind the rest of the world despite hosting abundant natural resources. It means the African nations have neither been able to benefit from these natural resources nor the people could experience socioeconomic changes as an outcome.

GREEN ENERGY

Electricity shortfall is one of the basic problems faced by Africa which has resulted in hampering the industrialization and modernization efforts. It is also producing digital divide, as the per capita power consumption in Africa is one of the lowest in the world.

At the same time, Africa is worst affected by global warming although it has very little role in carbon emissions.

Seeing this opportunity, Xi said “China is ready to launch 30 clean energy projects in Africa,” offering to co-operate on nuclear technology and tackle the power deficit.

COORDINATED DEVELOPMENT

Xi also called for “a China-Africa network featuring land-sea links and coordinated development” and urged Chinese contractors to return to Africa after the lifting of COVID-19 curbs that disrupted the projects.

“We are ready to assist in the development of the African Continental Free Trade Area, and deepen logistics and financial co-operation for the benefit of trans-regional development in Africa,” Xi added.