Addressing the 3rd India -Africa Forum Summit, Prime Minister Modi has announced a concessional credit of $10 billion to Africa over the next five years. Modi said that this move will be in order to add strength to the partnership and will be in addition to the ongoing credit programme. India has committed $7.4 billion in concessional credit and $1.2 billion in grant to Africa since the first India-Africa Summit in 2008.
He also added that India will offer a grant assistance of $600 million which includes an India-Africa Development Fund of $100 million and a Health Fund of $10 million. Besides, he also pledged an assistance of 50,000 scholarships for African students in India over the next five years. And will support the expansion of the Pan Africa E-Network and institutions of skilling, training and learning across Africa.
Modi specifically called for stronger ties between the two countries in the strategic areas of counter-terrorism and climate change saying that “Closer defence and security cooperation, will be a key pillar of India-Africa partnership” and that India will intensify its cooperation against terrorism and rally the world to build a common cause against it. Modi assured 41 Heads of State and Government and hundreds of senior officials from 54 African countries that India will extend all possible assistance to them including in areas of defence, security, trade and infrastructure development.