Tuesday, 24 November 2015

$10 Billion Concessional Credit to Africa by Government of India


$10 Billion Concessional Credit to Africa by Government of Indiawas the biggest diplomatic event, India has hosted for Africa to date, the 3rd India Africa Forum Summit. The Government of India announced a concessional credit of $10 billion to Africa in the next five years – doubling of its existing commitment - and grant assistance of $600 million as Prime Minister Narendra Modi commended the continent’s leaders to speak in “one voice” with it in pushing for UN reform and combating climate change and the threat of terrorism.   In his address, Prime Minister Modi assured 41 heads of state and government and hundreds of senior officials from 54 African countries that India will extend all possible help to them including in areas of defence, security, trade and infrastructure development.  


In the concluding session, the summit adopted two documents - the ‘Delhi Declaration’ and the India Africa Framework for Strategic Cooperation to plan a new course of rendezvous in diverse areas.   On India’s development works in Africa, he said the government will strengthen the monitoring system to ensure effective implementation of the projects noting that “we are conscious of the shadow that falls between an idea and action, between intention and implementation.” He said a joint monitoring mechanism with the African Union will be set up.  

Recognizing reform of the UN Security Council as a major issue, Prime Minister Modi advised that the global body ran the risk of becoming irrelevant unless it adjusted to the changing world. The Delhi Declaration said Africa took note of India’s position and its objectives to become a permanent member with full rights in an expanded UN Security Council, calling for a decisive push in achieving “concrete outcomes” in restructuring the top decision making body.   Prime Minister Modi precisely called for stronger ties between India and Africa in the strategic areas of counter-terrorism and climate change.

“Closer defence and security cooperation, will be a key pillar of India-Africa partnership. We will intensify our cooperation against terrorism and rally the world to build a common cause against it.”  

On climate change, the Delhi Declaration said India and Africa looked forward to finalizing negotiations on an ambitious and comprehensive agreement based on the principles of equity and common but differentiated responsibility. It said the developing countries, while undertaking ambitious actions on their own, need to be backed to alleviate climate change and to adapt and adjust to its impact.  

In his address, Prime Minister Modi invited Africa to join an alliance of solar-rich nations to be announced on November 30 at the crucial climate summit in Paris. He proclaimed that “excess of few cannot become the burden of many”, in an apparent attack on the developed world. Read More...

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