The Chinese president also announced the writing off of interest-free loans to indebted poor African countries.
China has doubled its financial aid and investment pledges to Africa and promised to waive the debt of the continent's least-developed nations as Beijing seeks to extend its economic and political reach in the region.
Yesterday the ministers adopted a declaration between Africa and China to undertake the Belt and Road Initiative in developing communication corridors, blue ocean economy and telecommunication and movement of trade.
China would be happy to help Africa upgrade its customs and commodities inspection facilities and provide supplies and equipment to improve trade connectivity with the continent, the Chinese leader added.
The offer of more funds comes after a pledge of a similar amount at the previous Forum on China-Africa Cooperation (FOCAC) in South Africa three years ago.
China welcomes entrepreneurs worldwide, including those from Africa, to invest and develop in China and encourages Chinese entrepreneurs to explore and develop business in Africa, so as to jointly promote the Belt and Road, Xi said.
China's massive and expanding "Belt and Road" trade infrastructure project is running into speed bumps as some countries begin to grumble about being buried under Chinese debt.
Fourteen sub-forums and side events, covering various people-centered areas, will take place before and after the summit.
Stevens said Beijing's decision not to hike loans to Africa said it shouldn't be interpreted as a step back in relations. He insisted that China will not impose its will on Africa despite a huge investment program.
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. That has led to high debt risks in countries like Djibouti - where China recently opened its first overseas military base - and Zambia.
The summit will conclude with the signing of a declaration and an action plan, providing guidelines for China-Africa cooperation for the next three years.
"Only the people of China and Africa have the right to comment on whether China-Africa cooperation is doing well", Xi said.
On a bilateral level, China is South Africa's largest trading partner, and has been so for nine consecutive years. More than 180 major Chinese enterprises and thousands of small and medium enterprises have been established in the country.
Uhuru was seen off at the Jomo Kenyatta International Airport (JKIA) by Head of Public Service Joseph Kinyua, Chief of Defence Forces General Samson Mwathethe and Parliament Majority Leader Aden Duale among other high-ranking government officials. Most of the plans have been implemented.