Chinese President Xi Jinping said Thursday that China will provide 360 billion yuan (more than $50 billion) in financial support to Africa over the next three years.

Xi spoke on the second day of the ninth Forum on China-Africa Cooperation Summit, which is expected to deliver new policies and cooperation agreements that will set the stage for China-Africa relations in the next three years.

“The China-Africa relationship is now at its best in history,” Xi said, according to an official translation of his Mandarin-language remarks.

“China is ready to deepen cooperation with Africa in industry, agriculture, infrastructure, trade and investment,” Xi said, urging both sides to jointly advance modernization that is “open and win-win.”

The high-profile summit came as China seeks to recalibrate its economic ties and trade agreements with Africa as well as strengthening relations with developing economies amid geopolitical tension with the West. 

Leaders from over 50 African nations gathered in Beijing this week, many of whom — including South Africa’s President Cyril Ramaphosa and Kenya’s President William Ruto — have spoken with Xi in one-on-one meetings in the lead up to the summit, according to Chinese state media.

By the end of the summit, leaders from both sides are expected to reach deals on trade and investment, and sign key documents like Beijing’s three-year action plan. The summit has previously seen Beijing making huge financial pledges to fund massive infrastructure projects across Africa.

The visiting delegates will also be working to negotiate with Beijing on loan terms in a bid to resolve growing debt burdens at home.

The summit also came as the country tries to sell more green tech products to the region like electric vehicles and solar panels — items that face hefty export tariffs in the West. It is the largest diplomatic event that China has hosted in recent years, Chinese Vice Foreign Minister Chen Xiaodong said in the summit’s media briefing on Aug. 23.

But it might be a challenging task for Xi, after China did not meet a pledge to buy $300 billion of African goods from the last Forum on China-Africa Cooperation Summit in 2021.

China has been Africa’s largest trading partner since it overtook the U.S. in 2009. The total trade volume has grown significantly over the past two decades, from less than 100 billion yuan in 2000 to 1.98 trillion yuan in 2023, for an annual growth rate of 17.2%, according to data from China Customs.

In the first seven months of this year, China-Africa traded goods accelerated to reach a record 1.19 trillion yuan.

China is also the largest creditor to many African nations. Between 2000 and 2023, it has channeled over $180 billion to build infrastructure projects such as bridges, rail lines and hydropower plants on the continent, according to the Boston University Global Development Policy Center. Last year alone, Chinese lenders extended loans worth $4.61 billion, highest level since 2019.

But these lending schemes, including through Xi’s hallmark Belt and Road Initiative, have been criticized for saddling low- and middle- income governments with overly high levels of debt relative to GDP. That has left some countries unable to service their debt or even going into default.

On top of the 360 billion yuan in financial support, Xi mentioned that China will “encourage and support” Africa in issuing panda bonds in China. The pledged financial assistance will break down into 210 billion yuan in credit facilities, 80 billion in various types of assistance and 70 billion yuan worth of investments in Africa by Chinese firms.

“A friend is someone you share the path with” Xi said in the speech, citing an African proverb, noting that China and Africa should be on a “shared path” toward modernization.  

President Xi emphasized that “no matter how the international landscape may evolve, China shall never waver in its determination to pursue greater solidarity and cooperation with Africa,” Vice Foreign Minister Chen said in the Aug. 23 briefing.