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China committed more than $50 billion to Africa over the next three years as it made green infrastructure deals the focus of its engagement with the continent.
Beijing has forged partnerships with African countries in supply chains for critical minerals required to develop green technologies including electric vehicles.
Chinese President Xi Jinping announced the commitment in Beijing at the triennial Forum on China-Africa Cooperation (FOCAC) summit in September. The $50 billion in financing was up from a $40 billion commitment made at the last FOCAC held in Senegal in 2021, but down from the $60 billion committed in 2018.
This year, China also deepened its business and economic interests in Eswatini in a sign that Taiwan’s last African ally is pivoting towards Beijing. And Chinese online retailer Temu made a high profile entry into the Nigerian market.
