India’s Prime Minister today amazed and overwhelmed the African guests at the India-Africa Forum Summit in New Delhi, by promising a massive aid and credit supply to the Continent.
Modi announced a grant of U.S. $ 600 Million, and a hugely concessional credit of U.S. $ 10 Billion to Africa.
The Indian Prime Minister also realised that projects implemented under such credit lines are usually done in a lackadaisical manner, and thus has promised a effective monitoring mechanism for proper and timely completion of these projects.
He further said that instead of the 3 year gap between the India-Africa Forum Summit meetings, they will henceforth be held every 5 years. This will give adequate time to ensure that the projects sanctioned in the summit are executed before the next summit. Also, this will ensure a transparent assessment of them.
The latest credit line far surpasses the total grant in the previous two summits since 2008, which totalled $7.2 Billion, versus the $10 Billion granted now.
