The Forum for China-Africa Cooperation (FOCAC) launched in 2000 took on an enhanced role after the 2013 inception of President Xi Jinping's Belt and Road Initiative (BRI), which aims to recreate the ancient Silk Road for the world's second-largest economy and biggest bilateral lender to Africa.
"China is moving back on to the front foot in terms of overseas deployment of capital in the emerging markets," Tellimer's Hasnain Malik said, adding it was not yet at pre-COVID-19 pandemic levels.
China has also sought to use the forum to counter growing competition in Africa from the US, the European Union, Japan and others.
African delegates have converged on Beijing for the Forum on China-Africa Cooperation (FOCAC). (AP PHOTO)
In Beijing, diplomats and delegates from around the world mingled in the Great Hall of the People in Tiananmen Square as leaders from more than 50 African countries and Chinese officials led by Xi gathered for a group photo.
The new financial pledge is more than what Beijing promised at the last forum in 2021, but below the $US60 billion ($A90 billion) of 2015 and 2018, which marked the peak of lending to Africa under the Belt and Road Initiative.
During those peak years, Beijing bankrolled the construction of roads, railways and bridges, but a drying up of funds since 2019 has left Africa with stalled construction projects.
The new funds will go towards 30 infrastructure projects to improve trade links, China said, without giving details.
The 54-nation continent of more than one billion people has an annual infrastructure funding deficit estimated at $A150 billion and needs transport links to make a new giant pan-African trade bloc (AfCFTA) a reality.
Beijing has in recent years cut funding for such projects as it shifted focus to "small and beautiful" projects, mainly due to its domestic economic pressures and an increase in debt risks among African countries.
Asked how the new commitments fit into China's current cautious overseas lending strategy, a foreign ministry spokesperson said there was no contradiction.
"The co-operation between China and African countries, including the specific implementation of projects, is discussed and determined by both sides," Mao Ning, a foreign ministry spokesperson told reporters on Friday.
China also said it would launch 30 clean energy projects in Africa, offer co-operation on nuclear technology and tackle a power deficit that had delayed industrialisation efforts.
"The outcomes of the FOCAC summit signal an impetus for green projects and especially for renewable energy installations," said Goolam Ballim, head of research at South Africa's Standard Bank.
China has become a global leader in wind and solar energy, Ballim said, controlling significant supply chains and reducing production costs.
Success was less clear-cut for countries owing a large share of their debt to China, which made no express offer of assistance to those struggling with repayments.
Beijing instead urged other creditors "to participate in the handling and restructuring of African countries' debts under the principle of joint actions and fair burden-sharing".
African leaders hoping to bask in large deals for their countries had to settle for less splashy announcements.
Ethiopia and Mauritius announced new currency swap lines with China's central bank.Â
Kenya said it made progress on talks to reopen the lending taps for key projects such as its modern railway to link the region.
