This is an archive article published on October 30, 2015
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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
3 min readNew DelhiDec 25, 2015 10:53 PM IST First published on: Oct 30, 2015 at 12:28 AM IST
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.

Shubhajit Roy, Diplomatic Editor at The Indian Express, has been a journalist for more than 27 years... Read More

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