India to offer $200m LC to African nations

NEW DELHI: India is offering $200 million as a line of credit to different regional institutions and countries in Africa in the next one year. This was disclosed by Digvijay Singh, minister of state for external affairs on Friday. As a token sum Exim Bank signed an MoU with Afreximbank of Egypt, for a sum of $15 million, to promote India’s export to the continent.
Speaking during a seminar on ‘Furthering Africa India Economic Cooperation, jointly organised by CII and Exim Bank, the Minister said that the government was organising promotional funds for the Focus Africa Programme to enhance trade, commerce and investment relations between India and countries of the African Union.
While extending a line of credit of $15 million to institutions including the PTA Bank, East African Development Bank and Offshore Development Company, T C Venkat Subramanian, MD, Exim Bank, informed that the Exim Bank will also be involved in facilitating investment by Indian companies in Africa.