India-Africa Forum Summit inaugurated in Delhi, India extends credit and committed to cooperation
GN Bureau | October 29, 2015
Prime minister Narendra Modi on Thursday claimed that the meeting of the leaders of two nations in Delhi shows that the "dreams of one-third of humanity have come together under one roof."
Inaugurating the India-Africa Forum Summit today in Delhi he said “it is not just a meeting of India and Africa. Today, the dreams of one-third of humanity have come together under one roof. The heartbeat of 1.25 billion Indians and 1.25 billion Africans are in rhythm."
He said that the future belongs to India and Africa and emphasised on the importance of youth. “Two third of India and Africa is under the age of 35. And, if the future belongs to the youth, then this century is ours to shape and build,” he said.
“Africa and India are two bright spots of hope and opportunities in the global economy,” Modi said in his speech to the heads of 54 African countries at the summit.
The Prime Minister announced a concessional credit of $10 billion over the next five years for Africa. Modi also offered a grant assistance of $600 million which will include India-Africa Development Fund of $100 million and India-Africa Health Fund of $10 million.
New Delhi has worked hard to showcase its commitment to Africa’s economic rise and historic friendship with African nations -- with some thinly veiled jabs at China -- as it vies for a greater share of the continent’s natural resources.
India’s economic presence in Africa is dwarfed by China, whose bilateral trade with the continent topped $200 billion last year -- more than the GDP of the 30 smallest African economies combined.
Africa primarily exports raw materials to India, including precious metals, gemstones and oil, which are then processed into goods such as cut diamonds or refined petroleum products.
Highlights of Modi’s speech:
* Fabric of this world is richer because of the 54 sovereign flags of Africa.
* It is not just a meeting of India & Africa. Today, the dreams of one-third of humanity have come together under one roof.
* The heart beat of 1.25 billion Indians & 1.25 billion Africans are in rhythm.
* 2/3rd of India & Africa is under the age of 35. And, if the future belongs to the youth, then this century is ours to shape & build.
* Africa's economic growth has gathered momentum and has a more diversified base.
* Africa's sports, art and music delight the entire world.
* Africa is now joining global mainstream of innovation.
* We have formed a partnership of prosperity among ourselves.
* Africa and India are two bright spots of hope and opportunity in the global economy.
* India honoured to be a development partner of Africa. Partnership beyond strategic concerns and economic benefits, it is formed on emotional bonds.
* India and Africa must speak in one voice for reforms of the United Nations, including its Security Council.
* In the last three years alone, nearly 25,000 young Africans have been trained and educated in India. They are the 25,000 new links between us.
* India has committed 7.4 billion dollars in concessional credit and 1.2 billion dollars in grant since the first India-Africa Summit in 2008. It is creating 100 capacity building institutions, and developing infrastructure, public transport, clean energy, irrigation, agriculture and manufacturing capacity across Africa.
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