Prime Minister Narendra Modi on Thursday announced a concessional credit of $10 billion for Africa over the next five years. India will also offer a grant assistance of $600 million, including an India-Africa Development Fund of $100 million, an India-Africa Health Fund of $10 million, and 50,000 scholarships in India for African students over the next five years.

Addressing 54 African heads of state at the third India-Africa Forum Summit in New Delhi, Modi said that India is honoured to be a development partner of Africa. He added, “In less than a decade, our trade has more than doubled to over $70 billion. India is now a major source of business investments in Africa. Today, 34 African countries enjoy duty-free access to the Indian market.”

Modi praised Africa's economic growth, saying it has gathered momentum and has a more diversified base. He said that “African initiatives are replacing old fault lines with new bridges of regional economic integration” and the continent is now joining the “global mainstream of innovation”. The prime minister said that India and Africa are “two bright spots of hope and opportunity in the global economy” and have “formed a partnership of prosperity among ourselves”.