PM Modi offers Africa $10-bn loan, says projects to be monitored

Conceding that at times India had not done as well as it should have and not fulfilled commitments as quickly as was desired, he said the country will raise the level of its support for the vision of a prosperous, integrated and united Africa.

Written by Shubhajit Roy | New Delhi | Updated: December 25, 2015 10:53 pm
India Africa summit, Modi India Africa summit, India Africa treaties, India africa loans, India Africa monetary aid, Modi Africa summit, narendra modi, Indo-Africa Forum Summit, india africa economic ties, india news, africa news, world news, latest news Prime Minister Modi with African leaders at the India-Africa Forum Summit in New Delhi on Thursday. (Source: Express photo by Renuka Puri)

In the ten hours after Prime Minister Narendra Modi on Thursday morning offered Africa a concessional credit of $10 billion over five years and a grant assistance of $600 million, at least six African leaders walked up to the summit podium to call for a “monitoring mechanism” of projects being implemented on the ground.

Speaking at the Third India-Africa Forum Summit (IAFS), which was attended by 41 Heads of State and Government and officials from 54 African countries, Zimbabwe President Robert Mugabe, Swaziland King Mswati III, African Union Commission Chairperson Nkosazana Dlamini Zuma, Ghana President John Dramani Mahama, Gabon President Ali Bongo Ondimba and Zambia Vice President Inonge Wina pressed for a monitoring mechanism.

Watch: Discussing the significance of the Indo-Africa Forum Summit

Around 8 pm, Prime Minister Modi announced a “joint monitoring mechanism with the African Union”.
“We are conscious of the shadow that falls between an idea and action, between intention and implementation So, implementation will be as important as starting projects. We will strengthen our monitoring system. This will include a joint monitoring mechanism with African Union,” he said.

The Prime Minister also announced that the summit will be held every five years, instead of the three-year interval. This is being seen as a move to ensure that projects are implemented between two summits.

While Mugabe asked for “robust evaluation of projects and programmes”, Zuma said that the success of the summit “is as good as implementation of the document”.

The Swaziland King also asked for an “effective and efficient monitoring mechanism” and the Gabon President said projects need a “rigorous mechanism of follow-up”.

Complaints of poor implementation of projects — these are being implemented under the line of credit and aid — are a recurring feature.

Earlier in the day, Prime Minister Modi admitted that there are times when India has not done as well as it wanted and not fulfilled commitments as quickly as it should have. He said India will raise the level of its support for the vision of a prosperous, integrated and united Africa.

“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. 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. It will also include 50,000 scholarships in India over the next five years,” he said.

He said India, which had committed $7.4 billion in concessional credit and $1.2 billion in grant since the first India-Africa Summit in 2008, was creating 100 capacity-building institutions, and developing infrastructure, public transport, clean energy, irrigation, agriculture and manufacturing capacity across Africa.

He called for stronger ties in the strategic areas of counter-terrorism, climate change and on UN reforms.

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  1. J
    jordi
    Jan 10, 2016 at 1:06 pm
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      jordi
      Jan 10, 2016 at 1:06 pm
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        jordi
        Jan 10, 2016 at 1:07 pm
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          jordi
          Jan 10, 2016 at 1:07 pm
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            jordi
            Jan 10, 2016 at 1:07 pm
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              jordi
              Jan 10, 2016 at 1:07 pm
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              1. J
                jordi
                Jan 10, 2016 at 12:37 pm
                You are looking for an increase of credit for your business or for a project, buying a house, but unfortunately the bank asks you to conditions unable to concern to a person " I'm ready between 1000 and take up to 10.0000 $ and € for all peoples, and the interest rate of 2% per year, or if you need the money for a reason to Continue, please contact me for more information no email: jordi
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                  Gionia Pizzario
                  Jan 15, 2016 at 12:29 pm
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                  1. R
                    Ram Yadav
                    Oct 30, 2015 at 3:06 pm
                    Proud to be TEAM MODI supporter Jai sree ram
                    Reply
                    1. R
                      Ram Yadav
                      Oct 30, 2015 at 3:08 pm
                      well said brother
                      Reply
                      1. L
                        L Srikanthan
                        Oct 29, 2015 at 5:34 pm
                        why we need to provide loan to africa , when we need some soft loan from US and Europe. we need to stop this kind of loans. all hard foreign currency
                        Reply
                        1. F
                          FK Meer
                          Oct 30, 2015 at 11:06 am
                          Good because this mony is not modis but our hard earning, I will appreciate the words use as blind slave fit for the Indian buliisns
                          Reply
                          1. M
                            mohan
                            Oct 29, 2015 at 9:37 pm
                            Indian subcontinent and African continent were historically connected. The fleet of the Chinese master mariner of the Ming dynasty (1368-1644), Zheng He reached Africa via Calicut. Millions of Amur falcons that breed in south-eastern Siberia come to roost at Doyang lake in Nagaland every year during their trip from Mona to Africa. The falcons travel almost 22,000km every year. Also the dragonflies migrate from Western Ghats to East Africa every year. The rich African countries were blessed with its natural resources. Unfortunately the white invaders manited and pered the continent. The logging of trees and deforestation turned the natural landscaape into deserts. Today famine is a common phenomenon in almost all african nations
                            Reply
                            1. M
                              Murthy
                              Oct 30, 2015 at 9:47 am
                              its not just a loan its a type of investment in the country which will be beneficial to India in a long term if the country used the money well, Every country did this kind of things when it was developing and for a developing economy it is really need because now Take US it does lot of foreign investments and also it get some sort of reward from that and it didn't start this when it was completely developed , it was started long before that
                              Reply
                              1. N
                                Nav
                                Oct 30, 2015 at 5:04 am
                                Why did you cut the funds for MNREGA and Health? Any new initiative on universal education Modi can talk of, apart from repackaging congress programs.
                                Reply
                                1. R
                                  ravi gajera
                                  Oct 30, 2015 at 7:37 am
                                  Good
                                  Reply
                                  1. S
                                    Sarfaraz Abbasi
                                    Oct 29, 2015 at 9:05 pm
                                    World's largest democracy rolls out red carpet to world's most vicious dictators from Africa such as Robert Mugabe, Omar Bashir, Yoweri Museveni etc. This is real face of largest democracy.
                                    Reply
                                    1. M
                                      Manish
                                      Oct 30, 2015 at 5:43 am
                                      Do you understand the meaning of "credit line"? Blind Slave.
                                      Reply
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