Economy

India announces $10 bn credit for Africa

PM Narendra Modi with South African President Jacob Zuma

Prime Minister Minister Narendra Modi on Thursday announced a credit of $10 billion to Africa which will be in addition to the ongoing credit programme.

“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,” said Modi.

He was speaking on the last day of the India-Africa Summit Forum in New Delhi.

Modi also pledged an assistance of $600 million to the continent and 50,000 scholarships for African students in India.

“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,” Modi said.

“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.

PM Modi also said India will help Africa in developing its agriculture sector.

The PM said, “Africa has 60 per cent of the world’s arable land reserves and just 10 percent of the global output. India will help to develop Africa’s agriculture sector.”

He said a spurt in Africa’s agriculture sector can drive the continent’s march to prosperity and also support global food security.

Appreciating the measures taken by the African countries in the fields of healthcare, education and agriculture, Modi said: “We see strong measures that are radically improving healthcare, education and agriculture. Primary school enrolment in Africa now exceeds 90 per cent.”

He said Africa has now joined the global mainstream of innovation.

“The mobile banking of M-Pesa, the healthcare innovation of MedAfrica, or the agriculture innovation of AgriManagr and Kilimo Salama, are using mobile and digital technology to transform lives in Africa,” Modi said.

“India has committed $7.4 billion in concessional credit and $1.2 billion in grant since the first India-Africa Summit in 2008,” Modi informed African delegations.

It is creating 100 capacity building institutions, developing infrastructure, public transport, clean energy, irrigation, agriculture and manufacturing capacity across Africa, Modi added.
[“source-businesstoday”]

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