India offers $5 billion credit line to Africa

[trident2010]

India offers $5 billion credit line to Africa

Prime Minister Manmohan Singh on Tuesday announced a mammoth five-billion-dollar credit to Africa for various development projects, reflecting India’s growing ties with the resource-rich continent.

Dr. Singh also declared an additional $700 million package to establish new institutions and training programmes across the continent, besides $300 million for a new Ethio-Djibouti railway line in Ethiopia.

“We will offer 5 billion US dollars for the next three years under lines of credit to help Africa achieve its development goals,” Dr. Singh said addressing the second Africa-India Forum summit here.

Offering India’s support to Africa to realise its vast potential, Dr. Singh said there was a new economic growth story emerging from Africa.

“Africa possesses all the prerequisites to become a major growth pole of the world. There is good news in the struggle against HIV and AIDS, as well as in improving literacy, reducing infant mortality and building institutions of representative government,” he said.

Dr. Singh noted the success of the Pan-African E-Network project and announced plans to establish an India-Africa Virtual University which could meet the demand among African students for higher studies in Indian institutions.

“We further propose that 10,000 new scholarships under this proposed University will be available for African students after its establishment,” he said.



The Hindu : News / International : India offers $5 billion credit line to Africa

 

[Bail_Gadi_Driver]

COME ON pakistan .... give 6 billion to Africa....we can do it .....lets beat India in this

 

[Varad]

Man that is some huge money. May the trade oppurtunities grow more and more.

 

[Firemaster]

COME ON pakistan .... give 6 billion to Africa....we can do it .....lets beat India in this

pehle apko america se 6bn lene padenge

 

[Paan Singh]

COME ON pakistan .... give 6 billion to Africa....we can do it .....lets beat India in this

 

[Hulk]

Well India is getting bigger.

 

[Jet Fire]

COME ON pakistan .... give 6 billion to Africa....we can do it .....lets beat India in this

Care telling us how in the world will pakistan be able to manage that.

By the way what did you smoke this afternoon to make such a remarkable post??

 

[somebozo]

This is not a loan or cash aid but just a credit line. While help indian dump its sub-standard quality products and useles tata nano into african markets wether they like it on not!!

 

[Roybot]

This is not a loan or cash aid but just a credit line. While help indian dump its sub-standard quality products and useles tata nano into african markets wether they like it on not!!

Thank you captain obvious. Sub standard or not, Africans don't have issue with it, and thats what matters. Its not like we are shoving stuff down someones throat

 

[third eye]

This is not a loan or cash aid but just a credit line. While help indian dump its sub-standard quality products and useles tata nano into african markets wether they like it on not!!

Firstly , India HAS a NANO to offer / force.

Secondly, today you cannot force a lolly pop down a childs throat even if you tried .

Yes, if it has to do with India , it must be bad . Eh ?

 

[Roybot]

Related news,

Indian Investments in Africa Touches US $ 33 Billion will be US $ 70 Billion by 2015

Shri Anand Sharma Union Minister for Commerce & Industry expressed hope that the ongoing ‘India Show’ will be a unique opportunity for the African businesses to deepen and strengthen existing ties and forge new linkages with Indian companies. Shri Sharma inaugurated India Show at Millennium Hall, Addis Ababa today. The theme of the show is “Africa & India: Partners in Progress – Friends Forever”. Shri Sharma is leading the Indian delegation as part of the build-up to the 2nd ‘Africa-India Forum Summit’ scheduled on 24-25th May, 2011. He also released a special publication entitled ‘India-Africa Business Guide’ during the Inaugural session of the India Show. Speaking on this occasion Shri Sharma said, ”India has become one of the leading investors in African countries, with Indian investments in Africa in Joint Ventures and wholly owned subsidiaries touching US $ 33 billion mark, covering diverse sectors like Oil & Gas, Pharmaceuticals, Petrochemicals, IT, Fertilizers, Infrastructure, etc”. The large presence of Indian businesses at the Trade Exhibition would help African companies get a firsthand account of the business opportunities in India and interact with potential partners. The India Show inauguration was attended by Mr. Erastus Mwencha, Deputy Chairperson, Commission of the African Union and Mr. Bhagwant S. Bishnoi, Ambasssador of India to Ethiopia .The Inaugural session was addressed by Mr. Erastus Mwencha, Deputy Chairperson, Commission of the African Union; Mr Abdurahman Sheik Mohamed, Minister of Trade, Republic of Ethiopia and. Mr Mekonen Manyazwal, Minister of Industry, Republic of Ethiopia.

In his Inaugural address, Shri Sharma noted that, “The economic partnership between India and Africa has taken giant leaps forward ever since the first India-Africa Forum Summit in 2008, with Bilateral Trade between India and Africa, which was at a meager US $ 3 billion at the turn of the century, crossing the US $ 46 billion mark last year”. He further mentioned that we are well on our way to achieve bilateral trade target of US $ 70 billion by 2015. The Commerce Minister reiterated that India will continue with its efforts to expand trade with the African countries through a special focus, including steps like the ‘Duty Free Tariff Preference Scheme’ for certain countries in Africa to enable easier imports from them. The ‘India Show’, which would continue till the 22nd May, is only the second such Show in the African continent after the one held in South Africa last year in August at Johannesburg and Durban, and comprises of a mega ‘Trade Exhibition’, a ‘Business Seminar’, and a ‘Cultural Programme’. The large ‘Trade Exhibition’ at the Millennium Hall (20th-22nd May, 2011) showcases Indian technologies, innovations and business opportunities to the visitors by leading Indian companies. More than 80 Indian companies are displaying their products in the Trade Exhibition, ranging across sectors such as manufacturing, infrastructure, finance, IT, automotives, Pharmaceuticals, Services (Financial, Education, ICT, Skills Development & Tourism) and others. Shri Sharma is leading a 15-member high-level Indian CEOs delegation to Addis Ababa

Press Information Bureau, Government of India

 

[praveen007]

doest that sound good.
At last India got their facts and mind right to invest in this well full of natural resources.
So thats why china is also there and gain from them.

 

[Varad]

COME ON pakistan .... give 6 billion to Africa....we can do it .....lets beat India in this

Why do you want to donate your defence budget to Africa??????????

---------- Post added at 06:24 PM ---------- Previous post was at 06:24 PM ----------

This is not a loan or cash aid but just a credit line. While help indian dump its sub-standard quality products and useles tata nano into african markets wether they like it on not!!

The same sub standard Tata Nano which a Pakistani company wants to manufature with Tata's collaboration.

 

[jha]

This is not a loan or cash aid but just a credit line. While help indian dump its sub-standard quality products and useles tata nano into african markets wether they like it on not!!

Dont you just love us.. They will eventually pay us back $5 Bill. and will buy "sub standard quality products and useless tata nano "..

 

[AvidSpice]

COME ON pakistan .... give 6 billion to Africa....we can do it .....lets beat India in this

What will you be left with then? 6 dollars and a few cents? That too American!

Bdw, GoI is on a roll now.