India will increase credit lines to Africa to $5.4 billion until 2012 from the current $2.15 billion, and will also boost technical and economic support to the continent, it said on Friday.
A delegation led by Vice President Mohammad Hamid Ansari also signed deals with Malawi to assist the southern African country develop its agriculture, mineral resources and small to medium enterprise sectors.
“The India-Africa forum summit which took place in 2008 has given a new thrust to India’s engagement with Africa, as reflected by increases in exiting credit lines to Africa from $2.15 billion to $5.4 billion up until 2012,” the delegation said in a statement.
“India has also earmarked a grant of $500 million to Africa in the next 5-6 years as well as an increase in the technical and economic cooperation training slots … to African countries.”
Ansari is on a tour of three Africa countries that took him to Zambia earlier in the week, where India approved a total of $125 million in credit, part of it to finance a key power project. He is due to visit Botswana at the weekend.
On Friday Ansari said India had substantially increased its technical and economic cooperation (ITEC) slots for Malawi to a value of $40 million in 2009 from $5 million.
So far, he said, the southern African state had utilised an Indian line of credit of $30 million for projects in irrigation, grain storage and tobacco threshing.
Official data shows that Malawi’s bilateral trade with India has nearly doubled to an estimated $79.7 million in 2007/08 from $43.2 million in 2003/04. (Reporting by Mabvuto Banda; editing by Toby Chopra)
Source: Reuters
Good on India.
Why don’t they ally directly ;implement the funds into structures like wind farms and hydro dams that thus I prefer China because you know you are either getting a great partner ship or raw deal with the Chinese. The same way the treat their workers is how they treat Zambians, hard labour just Chinas way my friends. India is applying evil IMF credit traps 1984 you concur? I smell a Ganges rat here.
Structural infusion is what African countries should demand, that way if the deal goes sour you can always strike a deal to pay the money back from Zambia. Consumers of whatever it may associate too. Hydro electric, wind turbines, agric commercial produce, really this cash based credit with no gold standard is an evil African states should avoid. Indians will behave just like westeners even worse at the least westerners give aide money because the always are keeping up appearances like Mrs “bucket” Indians not so much they just siphon. Different titles here vice president not shop keeper but same nationality.
And the sponsor above, Aftican ladies do not be deceived, true African love! That white brother better be Zambian or southAfrican if you catch my drift. Replacing the Dorminant black male to confuse the sisters; this is an ancient Greek and northern European trick. Fall prey at your own risk, when the gay stuff hits your marriage seek help from the Lord, this advice is for black women ghat have gravitated towards the white male lol. Trust my words we see these things everyday.