According to a recent announcement from the President of China, Xi Jinping, China is set to offer a huge sum of $50 billion to Africa. This announcement, in the best interest of development in Africa, came while speaking at a summit in Beijing. While stressing the importance of relations with Africa, the Chinese president also announced 1 million jobs for Africa.
Around 50 African heads of state were present at the summit. It means a lot has been decided on economic cooperation. In line with China’s general effort including 1 million jobs for Africa to enhance literacy, employment, and development, people will be recruited outside the country.
This comprises $30 billion in credit lines and another USD 10 billion of investment by Chinese companies. The plan includes helping create 1 million jobs in Africa as part of the initiative.
1 million jobs for Africa will help in achieving modernization in African nations
It further pledged to improve infrastructure, trade and modernization in African nations. During the summit in Beijing, the Chinese president was quoted as saying:
“Modernization is an inalienable right of all countries. But the Western approach to it has inflicted immense sufferings on developing countries.”
China is one of Africa’s major trading partners since 2009. This new initiative further improves the relationship between the two long-standing friends. Xi added:
“The China-Africa relationship is now at its best in history.”
African leaders, including South Africa’s Cyril Ramaphosa, lauded the offer. The 1 million jobs for Africa are perceived to be a major antidote to poverty and unemployment. Indeed, African countries are hopeful of further cooperation with the tech hub. Alex Vines, director of the Africa program at Chatham House, said:
“For China, it is about the reform of the international system in a way that is favorable to its interests. China should be credited for shaking the West out of its complacency related to its partnerships on the African continent.”
While the literacy rate for Africa for ages 15 and above is over 70%, the unemployment rate has been a problem over the years. China, the tech giant, has always explored opportunities for the striving countries, and Africa is one of them. As per statista, unemployment in the African continent peaked at 7.2%. The rate varies across the countries but South Africa registered a higher unemployment rate around 30% in 2024.
Also, see: China-Pakistan Partnership: Is Paying for Oil in Yuan a Solution to Pakistan’s Troubled Economy?
