In a written interview with African journalists at the third India-Africa Forum Summit (IAFS) in New Delhi, Prime Minister Narendra Modi said the BRICS’ New Development Bank was a significant initiative that can have a profound impact on the global financial order.
“I think Africa will be a major area of focus and we would also, hopefully, have an African window or regional presence of the Bank in the future,” said Modi.
The BRICS Post reported Sunday that representatives of 54 African nations, including heads of state and government of around 40 countries and the powerful African Union, are expected to participate in the four-day India-Africa Summit beginning in New Delhi on October 26.
Among powerful African leaders who have confirmed participation are South African President Jacob Zuma, Egyptian President Abdel Fattah el-Sisi, Zimbabwe President Robert Mugabe, and Nigerian President Muhammadu Buhari.
On Friday, Modi also asked the 54 African nations to join India in demanding an overhaul of the United Nations and other global institutions. Modi said that the world is undergoing political, economic, and technological transition on a scale rarely seen in recent history. He warned that the UN and other global bodies run the risk of losing relevance if they do not adapt.