PM Narendra Modi bats for Asia-Africa growth corridor

Prime Minister Narendra Modi while speaking at the inaugural session of the Annual Meeting of the African Development Bank (AfDB) at Gandhinagar lauded the centuries old India ties with African continent and said that Africa is a top priority for India's foreign and economic policy.

Union Finance Minister Arun Jaitley on Monday said that India-Africa partnership could provide limitless opportunities for the future and that the two sides were engaging on a scale not witnessed earlier.

Economists at Barcelona-based macroeconomic analysis firm, FocusEconomics, said in a consensus report last month they expected Kenya's inflation to average eight per cent this year, and slow down to about 6.3 per cent in 2018.

"In our joint declaration, we mentioned an Asia Africa Growth Corridor and proposed further conversations with our brothers and sisters from Africa", he said.

During the India-Africa Forum Summit 2015, the announcement of $10 billion Line of Credit marked a new beginning in India's approach to engage with African countries in a more constructive manner.

The theme of the opening session was "Africa-India Cooperation on Enhancing the High-Five Strategy". "We have made big strides in development sectors", the prime minister said.

This is truly Africa's transformative moment and one of the best things is the catalytic role that India has played in this makeover through a sustained development partnership-to a great extent with the African Development Bank (AfDB).

Adesina believes agriculture, which is critical to the economic stability of African countries because high food prices and cost of imports affect the stability of local currencies, is now receiving better attention from ministries for finance and governors of central banks.

The report highlighted foreign direct investment (FDI) inflows to Africa are estimated to have bounced back in 2016, reflecting increasing diversification of investment into services, manufacturing and infrastructure-related projects.

Former President John Dramani Mahama is in Ahmedabad, India to attend the 52nd Annual Meetings of the African Development Bank (AfDB) Group.

The Bank warned that with the size of the workforce likely to increase by 910 million people between 2010 and 2050, African governments need to push their agenda for job creation with more ambitious and tailored policies.

He described a Bank "fit-for-purpose" and "stronger than ever before", which made a record U.S. $10.4 billion of approvals in 2016, and United States $6.1 billion of disbursements.

He said India has extended 152 lines of credit to 44 countries of almost $8 billion.

He said while he himself visited six African countries ever since becoming the Prime Minister, there was no country in Africa that has not been visited by an Indian minister in the last three years.

He also reminded the august gathering how Mahatma Gandhi, another Gujarati, perfected his tools of non-violent struggle in South Africa.

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