India announces $10 bn credit for Africa


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.

“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 here.

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 and institutions of skilling, training and learning across Africa.” he added.

An India-African business seminar is organised from 26 October to 29 October in Delhi to explore areas of cooperation between the two sides.