China's Xi promises $50 billion for Africa over next three years

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00:00Let's head now to Beijing, where the 9th China-Africa Forum FOCAC is on the way.

00:05Almost every African country has sent a high-level delegation to the event

00:09that focuses on trade and development goals across the continent.

00:13And this Thursday, Chinese leader Xi Jinping

00:16pledged over $50 billion in credit, aid and investment.

00:21And in a speech to delegates from more than 50 African nations,

00:25he said China and Africa should write a new chapter in peace, prosperity and progress.

00:33On the path to modernisation, no one and no country should be left behind.

00:39Let us rally the more than 2.8 billion Chinese and African people

00:43into a powerful force on our shared path towards modernisation.

00:48Promote modernisation of the Global South with China-Africa modernisation

00:52and write a new, magnificent chapter of development in human history.

01:05The China-Africa relationship is now at its best in history.

01:09That's what President Xi Jinping said during his keynote speech at this year's FOCAC.

01:13He described China's ties to the continent as mutually beneficial,

01:17whilst adding that, I quote,

01:19the Western approach has inflicted immense suffering.

01:23The Chinese leader also announced over $50 billion in credit, aid and investment,

01:28including $1 billion in military assistance.

01:31It's interesting to note that FOCAC was first launched in 2000,

01:35and this is the ninth edition compared to the U.S., for example,

01:39that has held just two U.S.-Africa Leaders' Summits,

01:42once in 2014 and again in 2022.

01:46After President Xi's opening address,

01:48African leaders representing different parts of the continent also took to the stage.

01:53South Africa's Cyril Ramaphosa thanked the hosts at least five times,

01:57mostly for their approach towards the continent,

02:01saluting China's interest and their collaborative approach.

02:05President Ramaphosa ended his short speech

02:08with a preview of the upcoming final declaration of this year's forum,

02:12saying that the signatories support a one-China policy

02:16and view that the People's Republic of China is the, I quote again,

02:21true and only representative of the people of China.

02:25Nothing new per se, but certainly a strong message of support

02:29to the room full of high-ranking Chinese officials

02:31and, of course, African delegates sitting in Beijing's Great Hall of the People.

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