Chinese President Xi Jinping said Thursday that China will provide over $50 billion of financial support to Africa over the next three years.

Chinese leader Xi Jinping has promised $50 billion in financial support for Africa, while vowing to increase military aid, in a sweeping speech to African leaders as Beijing seeks to bolster relationships it sees as key to its rising position as a global power.

President Xi Jinping will lay out his blueprint for growing China’s relationship with Africa, as debt criticisms and his nation’s slowing economy limit Beijing’s ability to build influence through lending.

The Chinese president has also pledged an additional 360 billion yuan (S$66 billion) to African countries for various initiatives. Read more at straitstimes.com.

Leaders of more than 50 African countries gather in Beijing, with climate, infrastructure, security and debt on the agenda.

President Xi Jinping pledged on Thursday to step up China's support to the world's fastest-growing continent with funding of nearly $51 billion, backing for more infrastructure initiatives and a promise to create at least 1 million jobs.

China is Africa's largest trading partner and has sought to tap its troves of natural resources including copper and rare earth minerals.