By comparison, its first Chinese loan was $620 million over 20 years at 2.85 percent, and it came with a seven-year grace period.
Themed "China and Africa: Toward an Even Stronger Community with a Shared Future through Win-Win Cooperation", the summit is expected to be attended by leaders and officials from 53 African states except Swaziland, the tiny African kingdom which still remained allied with Taiwan, spurning Beijing's overtures.
President Emmerson Mnangagwa has left for Beijing, China where he has been invited by his Chinese counterpart President Xi Jinping to attend the 7 Forum on China-Africa Cooperation (FOCAC) Summit.
If the largely western centric World Bank can acknowledge China's huge accomplishments, then there is all the more reason for African countries to embrace the Chinese model of development, taking from it the most relevant and appropriate elements.
It is expected that the summit will adopt the new Beijing Action Plan (2019 to 2021), which will chart a new course of China-Africa friendship and mutually beneficial cooperation across various fields in the next three years. "What we value is the sharing of development experience and the support we can offer to Africa's national rejuvenation and prosperity", Xi said.
"I also hope you will do more in staff training and bettering lives for the local people and will put more emphasis on the environment and resources", Xi said.
State media has accused the West of sour grapes over China's prominent role in Africa and has angrily rejected claims of forcing African countries into a debt trap.
A study by the Center for Global Development, a USA think-tank, found "serious concerns" about the sustainability of sovereign debt in eight Asian, European and African countries receiving Belt and Road funds. Speaking to Xinhua in his office in the capital Monrovia, the president said Liberia will seek opportunities at the summit in Beijing.
As co-chair, South Africa has ensured that infrastructure development initiatives are successfully realised to enhance intra-regional trade and attract trade and investment towards Africa.
Baogang said there were extensive discussions between China and Africa during the 2015 Focac summit in South Africa, which resulted in a pledge to release loans to African countries in need and this had been honoured. And, the China-Africa Fund for Production Capacity Cooperation will be provided with an initial contribution of $10bn.
So far, almost 10 African countries have signed Belt and Road cooperation agreements with China, and a few more are in negotiations.
Every African country is represented at the business forum apart from eSwatini, self-ruled Taiwan's last African ally that has so far rejected China's overtures to ditch Taipei and recognise Beijing.
China has become a major investment partner for South Africa in stimulating economic and social transformation and development.
Chinese state-owned companies have aggressively pursued large investments in Africa, whose vast resources have helped fuel China's transformation into an economic powerhouse.