India to give $50 mn loan for Zambia project

The Indian government has agreed to lend $50 million to the Zambian government for a proposed power plant.

The Indian government has agreed to lend $50 million to the Zambian government for a proposed power plant. Taking advantage of Vice-President Hamid Ansaris high-level visit to Zambia,the Export-Import (Exim) Bank has agreed to extend the credit for the Itezhi-Tezhi power project. Tata Africa is a joint partner in the project.

According to Ministry of External Affairs (MEA) Secretary (West) Vivek Katju,a string attached to the loan is that 85 per cent of all materials and equipment must be sourced from India.

The Vice-Presidents ongoing visit is part of Indias renewed focus on Africa. A bid to rekindle the relationship was the India-Africa Summit 2008,where India committed to invest $5.4 billion in Africa over a four- year period. MEA officials say close to a billion dollars have already been invested in the past year.

Prabhakar Dalal,Executive Director,Exim Bank,who was in Lusaka to sign the Line of Credit agreement,said that the Exim Banks total exposure to Africa was $2.45 billion,more than in any other part of the world.

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Canada, UK and Australia formally recognise a Palestinian state

World10 hr ago

The UK, Canada, and Australia have recognized Palestine as a state, going against the US and Israel's opposition. British PM Starmer aims to revive peace without Hamas and hostage release. Canada and Australia also recognize Palestine, condemning terrorism. Over 145 UN members recognize Palestine, with France likely to join soon.

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