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5.4 billion-dollar Indian credit line for Africa
From Kwaku Osei Bonsu, GNA Special
Correspondent, Delhi, India
Delhi, April 8, Ghanadot/GNA – India on Tuesday announced a
5.4 billion-dollar credit line to support Africa’s
development as 14 African leaders, including President John
Agyekum Kufuor gathered in Delhi for a historic Indo-African
partnership Forum.
Information Technology (IT), rail transportation system,
telecommunications, power generation, small, medium and
micro enterprises are among key areas to benefit from the
package within the next five years.
Additionally, the Asian country, under a Duty Free Tariff
Preference Scheme has unilaterally decided to provide
preferential market access for exports from all 50 Least
Developed Countries, 34 of which are in Africa.
Indian Prime Minister, Dr Manmohan Singh, who announced the
package at the opening session of the two-day forum, said
products covered included cocoa, cotton, cashew nuts,
sugarcane, ready-made garments, fish-fillets, copper and
aluminium ore, as well as non-industrial diamonds.
In the last four years, India has extended lines of credit
amounting to 2.15 billion dollars to Africa.
Dr Singh said his country was determined to become close
partners in the continent’s resurgence.
Africa Union Chairman, President Jakaya Mrisho Kikwete of
Tanzania, President Thabo Mbeki of South Africa, President
Maitre Abdoulaye Wade of Senegal, Ugandan President Yoweri
Kaguta Museveni, Mr Meles Zenawi, Prime Minister of Ethiopia
and President Joseph Kabila Kabanga of the Democratic
Republic of Congo, are among those attending.
The meeting is expected to fashion out a comprehensive
partnership framework to guide the economic partnership
between Africa and India into the future.
This comes at a time when the continent is enjoying enormous
global attention with the world’s most powerful economies
jostling to establish a strong presence.
Dr Singh said it was his country’s intention to enhance its
“Aid to Africa budget” of the External Affairs Ministry for
implementing projects in critical areas, focusing on human
resource development and capacity building.
“Over the next five to six years, we propose to undertake
projects against grants in excess of 500 million dollars.”
He said it was the wish of India to see the 21st Century as
a Century of Asia and Africa with the peoples of the two
continents working together to promote inclusive
globalization.
President Kufuor said the success of the Indo-African forum
and its framework for co-operation should galvanize and
accelerate growth and stability in Africa and India.
He encouraged his colleague leaders to ensure that human
resource development, institutional capacity building and
deepening of economic co-operation for their mutual benefit
were made the main pillars of the partnership.
President Kufuor said the emerging partnership should not be
exclusive to only governments but must include the private
sector, businesses, civil societies, education and cultural
institutions.
He noted that there was a lot Africa could learn and benefit
from through its engagement with India, citing the country’s
impressive Green Revolution, mastery of ICT, general
engineering and success in the promotion of small and medium
enterprises.
President Kufuor said he was confident that their shared
history, common positions at the United Nations and other
global forums, and bond of friendship would stand them in
good stead for the challenges of the globalized world.
GNA
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