China's Xi pledges over $50 billion for Africa

Chinese President Xi Jinping announced on Thursday that China would provide over $50 billion in financing to Africa over the next three years and pledged to help create at least one million jobs on the continent.

Xi made the announcement during the opening ceremony of a major summit in Beijing, attended by numerous African leaders, to strengthen economic and political ties between Africa and China.

"Over the next three years, the Chinese government is committed to providing 360 billion yuan ($50.7 billion) in financial support," Xi told the leaders at the Great Hall of the People.

The funding will include "210 billion yuan in credit facilities and 80 billion yuan in various forms of assistance," Xi explained. He also highlighted plans to encourage Chinese firms to invest an additional 70 billion yuan in Africa.

In his speech, Xi emphasized China's goal of creating at least one million jobs across Africa.

China also pledged "1 billion yuan ($140.9 million) in emergency food aid, the implementation of 500 public welfare projects, and initiatives to promote investment and business ventures by Chinese and African companies in both directions."

As the world's second-largest economy, China is Africa's biggest trading partner, actively seeking access to the continent's rich deposits of natural resources, including copper, gold, lithium, and rare earth minerals.

"China-Africa relations are at their best period in history," Xi declared in his Thursday address.