Narendra Modi on 29th October 2015 said that India will offer concessional credit of $10 billion over the next five years while addressing the inaugural session of the Third India-Africa Forum Summit (IAFS) .India will also offer a grant assistance of $600 million. This will include an India-Africa Development Fund of $100 million and an India-Africa Health Fund of $10 million.
Modi called it a “meeting of dreams of one-third humanity under one roof”. India had committed $7.4 billion in concessional credit and $1.2 billion in grant since the first India-Africa summit in 2008. India was creating 100 capacity-building institutions, and developing infrastructure, public transport, clean energy, irrigation, agriculture and manufacturing capacity across Africa.
Prime Minister also emphasised on a deeper India-Africa partnership on clean energy and invited African nations to join an alliance of solar-rich nations that he proposes to announce in the upcoming climate talks in Paris.
- It is the official platform for the African-Indian relations.
- Meeting Period: once in every three years.
- Firs Summit: 2008
- In 2015, It is the 3rd Summit.
