China’s President Xi Jinping pledged to step up China’s support across debt-laden Africa with funding of nearly USD 51 billion over three years, backing for more infrastructure projects, and the creation of at least 1 million jobs, reports Reuters. China was ready to step up cooperation with Africa in industry, agriculture, infrastructure, trade and investment, Xi told delegates from more than 50 African nations gathered in Beijing for the three-yearly Forum on China-Africa Cooperation Summit.

“China and Africa account for one-third of the world population. Without our modernisation, there will be no global modernisation,” Xi said. China promised to carry out three times as many infrastructure projects across resource-rich Africa despite Xi’s avowed new preference for “small and beautiful” schemes based around selling advanced and green technologies in which Chinese firms have invested heavily.

The Chinese leader committed RMB 360 billion (USD 50.7 billion) in financial assistance over three years, but specified that RMB 210 billion (USD 29.6 billion) would be disbursed through credit lines and at least RMB 70 billion (USD 9.8 billion) in fresh investment by Chinese companies. Smaller amounts would be provided through military aid and other projects.