India offers N2.25tr concessional credit to Nigeria,
The Prime Minister of India,
Narendra Modi, on Thursday said it would give N2.25trillion ($10billion)
concessional lines of credit to Nigeria and 53 other African nations in the
next five years to boost their economy.
He also
said additional grant assistance of N135billion ($600m) will be made available
to African countries by India.
Modi, who
made the disclosures in an address at the opening of the Plenary Session of the
Third India-Africa Forum Summit in New Delhi, said the credit lines are
necessary because Africa is now joining the global mainstream of innovation.
He said
it was time for India and Africa to take their destinies in their hands and
stop living in the shadows of colonialism.
He said:
“From connecting lives to collaborating for our prosperity, from keeping our
people safe to advancing our global interests, the agenda of our partnership
stretches across the vast territory of our linked aspirations.
“To add strength to our partnership, India will offer concessional credit of US
$10billion over the next five years. This will be in addition to our ongoing
credit programme.
“We will
also offer a grant assistance of US$600million. This will include an
India-Africa Development Fund of $100million and an India-Africa Health Fund of
$10million.
“It will
also include 50,000 scholarships in India over the next five years. And it will
support the expansion of Pan-Africa E-Network and institutions of skilling,
training and learning across Africa.”
Explaining
why the interventions are necessary, Modi said economic indices have indicated
that this century was for India and Africa to build to shape the world.
He said
apart from abundant natural resources, India and Africa harbour productive
youths who are under 35 years.
He said:
“We have lived in the long shadow of colonialism. And we have fought for our
liberty and dignity. We have struggled for opportunity and also for Justice,
which the African wisdom describes, is the prime condition of humanity.
“We have
spoken in one voice in the world and we have formed a partnership for
prosperity among ourselves. We have stood together under blue helmets to keep
peace. And we have fought together against hunger and disease.
And, as
we look to the future, there is something precious that unites us: it is our
youth. Two-thirds of India and two-thirds of Africa is under the age of 35
years. And if the future belongs to the youth, then this century is ours to
shape and build.”
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