China has denied engaging in "debt trap" diplomacy, and Xi's offer of more money comes after a pledge of another £45 billion $60 billion at the previous summit in South Africa three years ago.
Xi said the financing would be in the form of government help as well as investment and funding by institutions and companies.
In the recent five years, China-Africa relations have gained practical results, bringing tangible benefits to both peoples, including unprecedentedly frequent high-level exchanges and strengthened political guidance. "Resources for our cooperation are not to be spent on any vanity projects but in places where they count the most", he said.
He said the $60 billion commitment from Xi would boost Africa's goals for industrial development, infrastructure development, human resources development, health care, the green economy as well as peace and stability.
China's growing presence on the continent - particularly with its massive "Belt and Road Initiative" - has raised concerns that many African nations might struggle to repay the Chinese debt used to build expensive infrastructure projects, allowing China to take control of strategic assets.
A study by the Center for Global Development, a U.S. think-tank, found "serious concerns" about the sustainability of sovereign debt in eight Asian, European and African countries receiving Belt and Road funds.
The country meant to bring 200 young Africans to China for a skills exchange programme. The leaders "refute the view that a new colonialism is taking hold in Africa, as our detractors would have us believe", he told the forum.
Addressing the summit, Rwandan President and African Union chairman Paul Kagame said a stronger Africa was an opportunity for investment, "rather than a problem or a threat".
The three countries most vulnerable because of large debts owed to China are Djibouti, Congo and Zambia, say academics at the China-Africa Research Initiative at Johns Hopkins University.
Manafort associate charged over Ukraine lobbying
Manafort still faces more charges, including obstruction allegations against him and Kilimnik for alleged witness tampering. Patten did not speak to reporters at the court, but apologized to family and friends on Facebook after entering his plea.
But Rwandan President Paul Kagame, who now chairs the African Union, said that rather than viewing the investment as a "debt trap", other countries should be asking why they're not giving Africa as much assistance as China. Dozens of African leaders met with Xi ahead of the conference.
"Africa is still at the initial stage of industrialization, and the process is very likely to collapse without sustainable investment growth", the state-linked Global Times reported Monday.
He echoed Ramaphosa's call for "win-win cooperation" and said China rejected protections and unilateralism.
Chris Kiptoo, Principal Secretary for International Trade, said China already accounts for 25 per cent of Kenya's import bill under the current common external tariff structure of zero per cent, 10 per cent and 25 per cent for raw materials, intermediate goods and final goods respectively.
President Cyril Ramaphosa says the relationship between China and Africa is premised on the fundamental right of the African people to determine their own future. This, he said, would help African countries in infrastructure planning, design, construction, operation and maintenance, particularly in the sectors of railways, roads, regional aviation, ports, electricity and telecommunications.
Ramaphosa's comprehensive speech, coming after his summit co-chairperson and Chinese President Xi Jinping committed an additional $60 billion investment to Africa over the next three years, appeared to hit the right notes.
He said that limits the ability of African countries to get the full value out of their natural resources and create work for their people.
He will also be co-chairing the forum on China-Africa Cooperation Summit which started this morning.
Locals in other countries have complained about the practice of using Chinese labor for building projects and what are perceived as sweetheart deals for Chinese companies.