Beijing – Chinese President Xi Jinping announced a $51 billion financial package to support African nations, including Malawi, over the next three years. The commitment was made during the opening session of the 2024 Forum on China-Africa Cooperation (FOCAC) Summit at the Great Hall of the People in Beijing on Thursday.
Xi outlined ten key areas of cooperation aimed at advancing modernization in Africa, including mutual learning, trade, industrial chain development, health, agriculture, and green development. He said China will provide RMB 360 billion yuan in financial aid, which includes RMB 210 billion in credit lines, RMB 80 billion in direct assistance, and RMB 70 billion in investments from Chinese companies.
Malawi, led by President Lazarus Chakwera, has already begun to reap the benefits of the strengthened ties with China. Malawi secured K50 billion in funding for the construction of a Judicial Complex in Lilongwe, and further agreements are being pursued through bilateral discussions with Chinese companies and officials during the summit.
Xi stressed that no African country should be left behind on the path to modernization. Quoting an African proverb, he said, “A friend is someone you share the path with,” reaffirming China’s commitment to partnering with Africa in the pursuit of progress and development.
The summit also saw the attendance of prominent African leaders, including AU Chairperson Mohamed Ould Cheikh El Ghazouani, UN Secretary-General António Guterres, and several heads of state and government from across Africa.
Founded in 2000, FOCAC has been instrumental in driving development across the African continent.
