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India announces $5 bn credit line for Africa

PM's move is seen as major initiative by India to reach out to African countries where China and Japan have made deep inroads.

Written by Agencies | Addis Ababa |
May 24, 2011 4:06:33 pm

India today announced a USD five billion line of credit to Africa and unveiled a slew of measures to give a massive boost to infrastructure development and capacity building to further consolidate its “unique” and “enduring” partnership with the resource-rich continent.

An additional USD 700 million to establish new institutions and training programmes and another USD 300 million for the development of a new Ethio-Djibouti railway line was also announced by Prime Minister Manmohan Singh in his address at the plenary session of the Second Africa-India Forum Summit being attended by 15 African countries.

Singh’s move is seen as major initiative by India to reach out to African countries where China and Japan have made deep inroads particularly in the infrastructure sector.

The new line of credit follows the USD 5.4 billion concessional credit announced in 2008 at the time of the first such summit held in New Delhi.

Of this,nearly USD two billion have been committed for projects in Africa.

19 least developed countries are already availing the benefits of duty free tariff scheme which India had then announced.

In his address during which there was a power cut for a few minutes,Singh did some plain speaking noting that the current international economic political situation is “far from easy” for developing countries.

“Even as the global economy is recovering from the economic crisis,fresh political upheavals are taking place,most not far from this part of the world.

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