Home News Asia News India Offers $10 bn credit for Africa

India Offers $10 bn credit for Africa

47
0
SHARE
Prime Minister Modi with African leaders prior to the summit (File)

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…reports Asian Lite News

Prime Minister Modi with African leaders prior to the summit
Prime Minister Modi with African leaders prior to 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,” 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.

India and Africa must speak in one voice for reforms in international institutions like the UN Security Council, Modi added.

Modi said the international institutions cannot be representative of the world if they do not give place to India and Africa.

“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,” the prime minister said.

“This is a world of free nations and awakened aspirations. Our institutions cannot be representative of our world, if they do not give voice to Africa, with more than a quarter of UN members, or the world’s largest democracy with one-sixth of humanity,” he said.

“That is why India and Africa must speak in one voice for reforms of the United Nations, including its Security Council,” the prime minister added.

LEAVE A REPLY

Please enter your comment!
Please enter your name here