On Monday, Chinese President Xi Jinping announced the establishment of a China-Africa cross-border yuan center to offer African financial institutions with a $10 billion credit line.

In addition, China would provide an extra 1 billion doses of COVID-19 vaccinations to African nations, Xi said in an address to the Forum on China-Africa Cooperation, adding that China will push its industries to spend at least $10 billion in Africa over the next three years.