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India will offer concessional credit of $10 billion over the next five years to Africa, Prime Minister Narendra Modi announced on Thursday.
"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 while addressing the plenary session of the Third India-Africa Forum Summit here.
The latest grant will be in addition to India’s ongoing credit programme, the Prime Minister said, adding that 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.
The Prime Minister expressed the opinion that with two-thirds of India and two-thirds of Africa being under 35 years, and if the future belongs to the youth, then this century is ours to shape and build.
Two bright spots
Pointing out that Africa and India are two bright spots of hope and opportunities in the global economy, the Prime Minister said that India is honoured to be a development partner with Africa. ``It is a partnership beyond strategic concerns and economic benefits. It is formed from the emotional bonds we share and the solidarity we feel for each other,” Modi said adding, “African energy helps run the engine of the Indian economy; its resources are powering our industries; and, African prosperity offers growing market for Indian products.”
With both India and Africa believing that development of human capital was a necessity, Modi said that the development of human capital in every walk of life will be at the heart of the India-Africa partnership. In this context he announced a number of initiatives including India’s decision to expand its tele-education project, expanding and extending the Pan Africa E-Network, which links 48 African countries to India and to each other and working to reduce the digital divide within Africa and between Africa and the rest of the world.
The Prime Minister also announced that India will make available its space assets and technology for Africa. ``We will use the possibilities of digital technology to transform development, public services, governance, disaster response, resource management and quality of life,” Modi said.
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