SME Times is powered by   
Search News
Just in:   • Adani Group to invest Rs 57,575 crore in Odisha  • 'Dollar Distancing' finally happening? Time for India to pitch Rupee as credible alternative: SBI Ecowrap  • 49% Indian startups now from tier 2, 3 cities: Jitendra Singh  • 'India ranks 3rd in global startup ecosystem & number of unicorns'  • LinkedIn lays off entire global events marketing team: Report 
Last updated: 27 Sep, 2014  

India.Africa.9.Thmb.jpg India keen on larger devt projects in Africa

India.Africa.9.jpg
   Top Stories
» 49% Indian startups now from tier 2, 3 cities: Jitendra Singh
» 'India ranks 3rd in global startup ecosystem & number of unicorns'
» Tripura exported over 9K tonnes of pineapples in 2 years
» CPI inflation eases to 6.71% in July, IIP falls to 12.3%
» Rupee depreciates 12 paise to close at 79.64 against US dollar
SME Times News Bureau | 18 Mar, 2013

After offering more than $5 billion line of credit, India is willing to provide more financial assistance for large development projects in African countries, Commerce and Industry Minister Anand Sharma said Sunday.

Addressing the opening session of the 9th India-Africa Project Partnership conclave in New Delhi, Sharma said India was ready to provide more technical and financial support for development of big projects in the African region.

He said the Indian government has launched the "project credit" programme aimed at helping the smaller countries develop large projects.

"I request you to take advantage of the project credit programme," Sharma said while addressing the large gathering of African policymakers and entrepreneurs.

More than 900 delegates from 45 African countries are participating in the three-day conclave organised by the Confederation of Indian Industry (CII) in association with Exim Bank of India.

Sharma said the new financial assistance would be in addition to the $5 billion line of credit offered by the Indian government.

Prime Minister Manmohan Singh had announced $5 billion line of credit for the development of the African region during the 2nd Africa India Forum Summit in Addis Ababa in 2011. India has also offered $700 million for building pan-Africa educational and technical institutions.

Sharma said India would help build 70 educational and technical institutions for development of human resource in Africa.

The minister admitted that there had been some delays in the development of certain institutions, including the proposed Indian Institute of Foreign Trade (IIFT) in Uganda.

"I know there have been delays, but it will be done," he said.

On trade and investment, Sharma, who also holds textiles portfolio, said there was huge scope for further strengthening the trade and investment relations.

He said Indian firms have invested nearly $45 billion in Africa in the last one decade. India-Africa bilateral trade is around $70 billion.

"If you ask me if I am happy with these figures, my answer is no," said Sharma, emphasising the need for further boosting the flow of trade and investments.

Trade between India and Africa is estimated to rise to $90 billion by 2015.

 
Print the Page Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

PROJECT CREDIT
Samuel | Thu Mar 21 10:03:41 2013
HOW DOES THE PROJECT CREDIT WORK. PLS AVAIL THE DYNAMICS OF THE PROGRAM TO ENABLE TOTAL UNDERSTANDING


India keen on larger development project in Africa
Philip Asmah | Thu Mar 21 06:46:58 2013
Dear Sirs, This an interesting news and I am looking forward to this type of news for a long time. I would like to know a partner who wants to invest in Africa, for I represent a community in West Africa who is looking for investors. Please interested investors who wants to do business in W/Africa can contact me on this mail to talk about the business I represent: info@philipasent.com The subject for your mail must be "India dvment project in Africa" Thank you.


 
  Customs Exchange Rates
Currency Import Export
US Dollar
66.20
64.50
UK Pound
87.50
84.65
Euro
78.25
75.65
Japanese Yen 58.85 56.85
As on 13 Aug, 2022
  Daily Poll
PM Modi's recent US visit to redefine India-US bilateral relations
 Yes
 No
 Can't say
  Commented Stories
» GIC Re's revenue from obligatory cession threatened(1)
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter