China has pledged to avail more than N$50.7 billion to finance mega-projects in Africa over the next three years.
This is part of the ten partnership actions unveiled by the Chinese government to scale up and deepen cooperation between the continent and China.
The announcement was made by President Xi Jinping during the opening of the Forum on China-Africa Cooperation (FOCAC) summit at the Great Hall of the People.
President Xi says the new finance mechanism would help create at least one million jobs in Africa, targeting various industries.
This latest development comes as Africa seeks tangible benefits from partnerships, given the growing demands of its population.
The Chinese leader provided assurance of two-way investment for new business operations, saying that such would enable Africa to retain the added value of its resources.
China further pledged to provide US$140 million in emergency food to African countries severely affected by hunger, poverty, and other disasters.
This is to complement the deployment of 500 Chinese agricultural experts to Africa and the establishment of the China-Africa Agricultural Science and Technology Innovation Alliance.
"To implement the ten partnership actions, the Chinese government will provide 360 RMB billion per year of financial support. This breaks down into 210 billion yuan of credit lines, 80 billion yuan of assistance in various forms, and telecast 70 billion yuan of investments in Africa by Chinese companies. In addition, China will encourage and support Africa in issuing Panda bonds in China to enhance our results-orientated cooperation in all areas."
Congo-Brazzaville co-chairs the summit alongside China.
The FOCAC summit is taking place at a time of increasing shifts in geopolitics, the emergence of new industries, and the African continent's aspirations to exert influence in global affairs.
China and the African continent for now argue that elevated relations would set off a wave of modernisation in the Global South.
Key to this, however, remains in the effective implementation of the cooperation agreements.