PM Narendra Modi made news with $10 billion credit for Africa

PM Narendra Modi made news with $10 billion credit for Africa

PM Narendra Modi in addition to the credit programme, announces a credit of $10 billion for Africa this Thursday. This is a concessional credit to Africa in the next five years which is a doubling of its existing commitment. It took Modi to announce the big amount for a period of five years for development related and capacity building projects in addition to the ongoing LoC supported projects in that continent.

Modi at the third India Africa Forum Summit which has witnessed participation by 41 Presidents and Vice Presidents and other PMs from the continent recently said in the summit “to add strength to our partnership, India will offer concessional credit of $10 billion over the next five years. This will be in addition to our ongoing credit programme.”

india africa investment

Modi also added “India has committed $7.4 billion in concessional credit and $1.2 billion in grant since the first India-Africa Summit in 2008.” He was of view that the amount will lead to create some 100 capacity building institutions, developing infrastructure, public transport, clean energy, irrigation, agriculture and manufacturing capacity across Africa.

PM will be helping Africa in developing and uplifting its agriculture sector.

Modi in the summit also said “We will also offer a grant assistance of $600 million. This will include an India-Africa Development Fund of $100 million and an India-Africa Health Fund of $10 million.”

“It will also include 50,000 scholarships in India over the next five years. And, it will support the expansion of the Pan Africa E-Network and institutions of skilling, training and learning across Africa.” he added.

Africa that was laid back in many fields now has seen massive improvements. The strong measures taken that are outstanding and improving the sectors of healthcare, education and agriculture. Coming to precisely towards education in Africa, Primary school enrolments now see 90% of improvements.

Modi during the summit put the point forward and exhorted both India and Africa to speak for the reforms in International Institutions like UN Security Council.

The PM also bolded “The world is undergoing political, economic, technological and security transition on a scale and speed rarely seen in recent history. Yet, our global institutions reflect the circumstances of the century that we left behind, not the one we are in today.”



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