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 India extends $10 m Line of Credit to Africa

New Delhi October 09, 2006

The Exim Bank of India has extended a fresh line of credit of US$10 million to the PTA Bank in Africa, according to an agreement signed during the Conclave on India-Africa Project Partnership, organized by the Confederation of Indian Industry (CII).

This is in addition to the 37 Lines of Credit amounting to $1.37 billion already extended by the Exim Bank to various African countries, covering areas such as Agriculture, transportation, steel and cement industry.

This financial support helps Indian firms develop a long-term understanding of the realities and development priorities of Africa, especially when India has taken up the Pan-African e- network Project for establishing e-connectivity in all 53 countries of the African Union. "The focus will be on tele-medicine and tele-education facilities from specialized institutes in India to remote learning and medical centers in each African nation.

CII and the COMESA Business Council (CBC) also signed a Memorandum of Understanding in order to promote technical cooperation in all fields of economic activity. These areas of cooperation include agriculture and mineral products, infrastructure development, exchange of information, collaboration in strengthening the business community and development of small and medium enterprises.

Under the MoU, both CII and CBC agree to establish and review working relationship, facilitate exchange of information and data on patterns of trade, investment and technology flows, promote contacts and cooperation, exchange information on policies and procedures relating to industrial, investment, trade and private sector partnership, collaborate in identifying potential business and public institutions, provide forums for continuous consultations among business communities, match and facilitate twinning arrangements with various regional and international bodies, lastly increase of India- COMESA commerce and investment.

Such measures will help boost credibility of African countries among Indian business. In turn, Indian companies will help develop African human and natural resources.

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