During a summit in Beijing on Thursday, Chinese President Xi Jinping announced more than $50 billion in financing for Africa over the next three years, signaling China’s commitment to deeper cooperation with the continent in infrastructure, trade, and other sectors.

Speaking at the China-Africa forum, which was attended by over 50 African leaders and UN Secretary-General Antonio Guterres, Xi said the funds would support industrial, agricultural, and infrastructural development across Africa. He also committed to creating at least one million jobs on the continent through investments.

The financing includes $11 billion in direct aid and $10 billion in investments from Chinese firms, with the rest provided as credit. Xi hailed China-Africa relations as their “best period in history.”

During the forum, African leaders secured some agreements for infrastructure, energy, and trade projects.