China Pledges $50 Billion to Africa, Boasting “Best in History” Ties as Global Influence Grows

China is deepening its ties with African nations, with President Xi Jinping declaring on Thursday that relations are at their “best in history,” CNN reports.

As part of a sweeping push to strengthen these relationships, Xi pledged $50 billion in financial support for the continent, as well as $140 million in military aid – the largest amount ever pledged by China at the triennial Forum on China-Africa Cooperation.

Xi, speaking to delegates from more than 50 African nations, called for a “powerful force” uniting China and Africa, aimed at writing a “new chapter in peace, prosperity and progress.” He also proposed elevating bilateral relations with all African countries with diplomatic ties to the level of strategic relations.

The three-day forum, hailed by China as its largest diplomatic gathering in years, has seen leaders including South Africa’s Cyril Ramaphosa, Kenya’s William Ruto, and Nigeria’s Bola Tinubu gather in the Chinese capital.

This year’s forum comes at a time of recalibration for China’s economic ties with Africa. While China has long been a major economic force on the continent, its approach has shifted, with a pullback on large-scale spending under Xi’s Belt and Road Initiative. This infrastructure drive, though successful in expanding China’s influence, faced criticism for contributing to unsustainable debt loads for many African nations.

Xi did not address these debt challenges in his speech, instead focusing on broader pledges for deepened cooperation in various sectors, including industry, agriculture, infrastructure, trade, and investment. The $50 billion pledge over the next three years – a mix of credit funds, assistance, and private investment – surpasses the previous $30 billion pledged at the 2021 forum in Dakar, Senegal.

Xi outlined ten action areas for cooperation over the next three years, including infrastructure connectivity, trade, security, and green development, an area where China is actively promoting its green technology exports.