Africa continent consists of a huge natural resources and minerals and every nation wants to be part of economic development of the African nations. India’s current trade with Africa amounts to about $75 billion and total funds granted by India since 2011 at around $7.4 billion. Africa is also important for India for its UNSC security council permanent membership and also provides immense of scope of growth, if both moved together on the path of socio-economic development.
PM Modi said “This is a world of free nations and awakened aspirations. Our institutions can not be representative of our world, if they do not give voice to Africa, with more than a quarter of UN members, the world’s largest democracy with one-sixth of humanity”. He also said “two-third of Indian and African population is under 35 which can shape and build the path of development.” He also stressed on cooperation on climate change and at COP21 UNFCC Conference in Paris, going to held at the end of year.
India hoped for the coorperation of African nations and the need to coordinate their positions at UN during its 70th year, when India hopes the reform process will be taken forward. India offered a grant assistance of $600 million. This will include an India-Africa Health Fund of $10 million and India-Africa Development fund of $100 million.
India also announced credit at a concessional rate of $10 billion over 5 years, in addition to $7.4 billion announced in 2011.
The President Pranab Mukherjee also hosted the dinner at grand banquet, Rashtrapati Bhavan on 29, October, 2015. This is one of the biggest summit held outside Africa after 2008 summit in New Delhi and 2011 summit in Addis Ababa, capital of Ethopia where only representatives of the respective countries participated.