India has committed $7.4 billion in credit and $1.2 billion in grants since the first summit
Prime Minister Narendra Modi at the India Africa Forum Summit in New Delhi (Photo: AP)
New Delhi: In a major upscaling of Indian financial assistance for Africa aimed at forging closer ties and tackling China’s influence in that continent, Prime Minister Narendra Modi announced at the India-Africa Forum Summit on Thursday that India would offer concessional credit of $10 billion in the next five years, that will be in addition to the ongoing credit facility, adding India would also offer $600 million in assistance. India has committed $7.4 billion in credit and $1.2 billion in grants since the first summit in 2008, and is creating 100 capacity building institutions.
( Source : deccan chronicle )
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