In a significant boost to China-Africa relations, Chinese President Xi Jinping announced on Thursday a $51 billion package of financial aid and infrastructure support for Africa at the Forum on China-Africa Cooperation Summit in Beijing.

Xi pledged to fund 30 infrastructure projects across the continent and create at least 1 million jobs. The package includes $19 trillion in market access improvements for African trade and a commitment to support clean and nuclear energy projects, aiming to address Africa’s power deficit and enhance industrialization.

The new funding comprises 360 billion yuan ($50.72 billion), with 210 billion allocated through credit lines and at least 70 billion in fresh investments by Chinese companies. The initiative also includes smaller allocations for military aid and other projects.

China’s three-year agenda aims to strengthen logistics and financial cooperation, support the African Continental Free Trade Area, and establish a comprehensive China-Africa network with enhanced land-sea connectivity.