India on Thursday offered a concessional credit of USD 10 billion (approximately Rs 65 thousand crore) to Africa over the next five years and a grant assistance of USD 600 million (approximately Rs 3.9 thousand crore) even as Prime Minister Narendra Modi made a strong pitch for deeper ties in key areas of counter-terrorism, climate change and UN reforms.
Addressing the inaugural session of the 3rd India-Africa Forum Summit describing it as a "meeting of dreams of the one-third humanity under one roof", Modi said the heart beat of 1.25 billion Indians and 1.25 billion Africans is in rhythm and the partnership was "beyond strategic concerns and economic benefits."
Admitting that there are times when India has not done as well as they have wanted and not fulfilled commitments as quickly as it should have, he said the country will raise the level of its support for the vision of a prosperous, integrated and united Africa that was a major partner for the world.
"To add strength to our partnership, India will offer concessional credit of USD 10 billion (approximately Rs 65 thousand crore) over the next five years. This will be in addition to our ongoing credit programme.
"We will also offer a grant assistance of USD 600 million (approximately Rs 3.9 thousand crore). This will include an India-Africa Development Fund of USD 100 million (approximately Rs 6 thousand crore) and an India-Africa Health Fund of USD 10 million (approximately Rs 651 crore). It will also include 50,000 scholarships in India over the next five years," the prime minister announced.
Noting that India has committed USD 7.4 billion (approximately Rs 48 thousand crore) in concessional credit and 1.2 billion dollars in grant since the first India-Africa Summit in 2008, Modi said it is creating 100 capacity-building institutions, and developing infrastructure, public transport, clean energy, irrigation, agriculture and manufacturing capacity across Africa.
During his nearly half-an-hour speech at the session, which was attended by 41 heads of state and government and hundreds of senior officials from 54 African countries, Modi called for stronger ties in the strategic areas of counter-terrorism and climate change as well as on UN reforms.
Stressing the need for UN Security Council reforms, he noted that the world was undergoing political, economic, and 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. These institutions have served us well, but unless they adjust to the changing world, they risk becoming irrelevant. We cannot say what will replace them in an uncertain future... That is why India and Africa must speak in one voice for reforms of the United Nations, including its security council," Modi said.
Seeking greater counter-terrorism ties, the prime minister said on Thursday, in many parts of the world, the light of a bright future flickers in the storm of violence and instability.
"When terror snuffs out life on the streets and beaches, and in malls and schools of Africa, we feel your pain as our own. And, we see the links that unite us against this threat. We also see that when our oceans are no longer safe for trade, we all suffer together," he asserted.
Emphasising on the significance of Africa for India, Modi said, "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."
He added that Africa's economic growth has gathered momentum and has a more diversified base.
African initiatives are replacing old fault lines with new bridges of regional economic integration, he said.
Modi also said that technology can be a strong foundation of the partnership between India and Africa.
"It will help develop Africa's agriculture sector. Africa has 60 per cent of the world's arable land reserves, and just 10 per cent of the global output," Modi added.
Agriculture in Africa can drive the continent's march to prosperity and also support global food security.
India's expertise in healthcare and affordable medicines can offer new hope in the fight against many diseases; and give a newborn a better chance to survive.
"We will also collaborate to develop Indian and African treasures of traditional knowledge and medicines," he said.
The prime minister also said with both India and Africa can use digital technology to transform development, public services, governance, disaster response, resource management and quality of life.
"We will expand and extend the Pan Africa E-Network, conceived by late president APJ Abdul Kalam, which links 48 African countries to India and to each other. This will also help set up your Pan Africa Virtual University," he said.
Talking about blue economy, Modi said we will cooperate for sustainable development of Blue Economy that will become important future drivers of our prosperity.
"For me, Blue Economy is part of a larger Blue Revolution to reclaim our blue skies and blue waters, as we move on the path of clean development," he said.
