India unveils $10 billion boost for Africa partnership

Scaling up India-Africa partnership to new heights, Prime Minister Narendra Modi has unveiled a consolidated fund of $10 billion for a host of development projects, training institutes and scholarships for the resurgent continent.

The $10 billion financial pledge for Africa till 2020 is more than the combined amount in concessional finance and grant committed by India over the last two summits, signalling the Modi government’s resolve to place the India-Africa partnership on a higher footing, both qualitatively and quantitatively.

India has pledged USD 10 billion in concessional credit to Africa, apart from an additional grant assistance of USD 600 million, an India-Africa Development Fund of USD 100 million and an India-Africa Health Fund of 10 million U.S. dollars. It will also include 50,000 scholarships in India over the next five years and support the expansion of the Pan Africa E-Network and institutions of skilling, training and learning across Africa.

Addressing the leaders and representatives from 54 African countries at the plenary for third the India-Africa Forum Summit, Prime Minister Modi said: “To add strength to our partnership, India will offer concessional credit of 10 billion U.S. dollars over the next five years. This will be in addition to our ongoing credit programme.”

Alluding to the intwined resurgence of India and Africa, Mr Modi said:
“Today, Africa and India are two bright spots of hope and opportunities in the global economy.”

Underscoring the essence of the India-Africa development partnership pivoted around capacity building, training, trade and technology transfer, Mr Modi said: “India is honoured to be a development partner for 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.”

The Indian leader unveiled an ambitious all-encompassing plan for deepening the India-Africa partnership across the spectrum and pitched for closer coordination over a host of cross-cutting global issues, including terrorism, climate change, sustainable development and reforms of global governance institutions.

Given the pivotal role of the 54-nation continent in recasting the UNSC, Mr Modi made a robust pitch for closer cooperation between India and Africa to reconfigure global governance institutions.

“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,” he stressed.

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