India Announces $10 Billion Credit to Africa

2019 ias preliminary exam test series

India announced a concessional credit of USD 10 billion to Africa in the next five years and a grant assistance of USD 600 million.

The Heads of State and Government and Heads of Delegation representing the continent of Africa, the African Union (AU) and its Institutions, and the Prime Minister of India, met in New Delhi on 29 October 2015 for the Third India-Africa Forum Summit, under the theme: ‘Partners in Progress: Towards a Dynamic and Transformative Development Agenda’.

 

In his address at the 3rd India Africa Forum Summit, PM 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.

africaIn the concluding session, the summit adopted ‘Delhi Declaration‘ and a India Africa Framework for Strategic Cooperation to chart a new course of engagement in diverse areas with PM Modi describing it as a historic day for both sides.

A joint monitoring mechanism with African Union will be set up.

“To add strength to our partnership, India will offer concessional credit of USD 10 billion over the next five years. This will be in addition to our ongoing credit programme,” PM Modi said, adding India will also offer a grant assistance of USD 600 million which includes an India-Africa Development Fund of USD 100 million and a Health Fund of USD 10 million.

Current Affairs for IAS Exam