Will stand shoulder to shoulder with Africa: Modi

Citing example of athletics, in which African nations excel, the Prime Minister, while addressing the African Development Bank Annual meeting, said, "In the sports arena, India cannot compete with Africa in long distance running, but I can assure that India will always stand with you, shoulder to shoulder supporting you in the long and difficult race for a better future."

Upon assuming the charge of Prime Minister in 2014, Mr Modi has accorded Africa top priority in foreign and economic policies. 

"Over decades, our ties have become stronger. After assuming office in 2014, I have made Africa a top priority for India's foreign and economic policy. The year 2015 was a watershed. The third India Africa Summit held that year was attended by all 54 African countries having diplomatic relations with India. A record 41 African countries participated at the level of heads of state or government."

India's partnership with Africa is based on a model of cooperation which is responsive to the needs of African countries. It is demand-driven and free of conditions. 

As one plank of this cooperation, India extends lines of credit through India's Exim Bank. 152 credits have been extended to 44 countries for a total amount of nearly 8 billion dollars, Mr Modi said.

"During the 3rd India-Africa Forum Summit, India offered 10 billion dollars for development projects over the next five years. We also offered a grant assistance of 600 million dollars," he added.

Underlining the initiatives by India for African nations in order to further deepen their bilateral relations, Mr Modi said, "India is proud of its educational and technical ties with Africa. Thirteen current or former Presidents, Prime Ministers and Vice-Presidents in Africa have attended educational or training institutions in India."

Besides, six current or former chiefs of armed forces of Africa trained in India's military institutions. Two current Ministers of the Interior have attended Indian institutions, he added.

On enhancing technical cooperation among themselves, India has offered over 33,000 scholarships to African officials since 2007 under its Technical and Economic Cooperation Programme.

Talking of challenges that include uplift of farmers and the poor, empowering women, ensuring rural communities' access to finance and building infrastructure, Mr Modi urged for maintaining macro-economic stability within their financial constraints. 

"We have to maintain macro-economic stability so that inflation is controlled and our balance of payments is stable. There is much for us to gain by sharing our experiences on all these fronts," said the Prime Minister.

On moving towards less-cash economy, he said India has learnt a lot from Kenya in adopting mobile banking. 

"In our push to a less-cash economy, we have learnt the great strides that African countries like Kenya have made in the area of mobile banking," he added.

Africa-India trade has multiplied in the last fifteen years. It has doubled in the last five years to reach nearly 72 billion dollars in 2014-15 and its commodity trade with Africa in 2015-16 was higher than its commodity trade with the US.

Further, the PM added that India is working with United States and Japan to support development in Africa and in this regard he had held comprehensive discussion with Japanese Prime Minister Shinzo Abe. 

Of which, both the countries have come up with a vision document after consulting African think tank.

Over 3,000 delegates from 81 countries are attending the 52nd annual meeting of AfDB, which is happening outside Africa for the first time.