Wednesday, May 25, 2011

India to offer $5b loan for Africa in next 3 years

(May 24, 2011, Addis Ababa, Rigbe Yohannes) -The 2nd Africa-India forum summit is underway at the African Union headquarters in Addis Ababa.

Trade and investment, capacity building, agriculture, security matters like terrorism and piracy are among the issues top on the agenda.

 Indian Prime Minister, Dr. Manmohan Singh told participants of the summit that a new spirit of solidarity is needed among developing countries to uplift the lives of their peoples.

He said there is a new economic growth story emerging from Africa, and India will continue supporting the continent's endeavors towards prosperity.

India would offer 5 billion US dollars for Africa in the next three years under lines of credit, Dr. Singh announced.

It would also support the development of a new Ethio-Djibouti railway project with 300 million US dollars.

10,000 new scholarships will be available India for African students, he said.

India would also provide 2 million US dollars for the African Union Mission in Somalia.

The premier proposed for the establishment of India-Africa business council that would facilitate trade and investment.

Equatorial Guinea President, who is also current chairperson of the African union, Obiang Nguema for his part underlined the fact that the forum is beneficial to both sides.

He said the first Africa-India forum held in New Delhi in April 2008 laid a foundation for enhanced cooperation between the two parties.

In his address to the forum, chairperson of the African Union Commission, Dr. Jean Ping indicated the trade volume between Africa and India has reached 50 billion US dollars.

15 African countries are taking part in the two-day summit, which is being held under a theme “enhanced partnership for a shared vision”.
Edited by Nesru Jemal 
Source: Ertv.gov news.

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