India had committed $10 billion worth LoC to Africa: M J Akbar
Aamir H Kaki Minister of State for External Affairs, M J Akbar said on Friday that under the leadership of Prime Minister Narendra Modi, India had made a commitment of providing $10 billion worth lines of credit (LoC) to Africa between 2015 and 2020. “Out of this, projects worth $1.1 billion have already been cleared this year. India would like to implement these projects as soon as possible,” he added. He was speaking at the 12th CII-EXIM Bank Conclave on India–Africa Project Partnership – two day event held in New Delhi on March 9-10. Akbar stated that open economies are moving towards protectionism while emerging economies have now become the torchbearers of free trade. Africa and India can come together for knowledge sharing and ...
Ghana, Cote d'Ivoire, Namibia seek Indian investment
The Dollar Business Bureau Urging India to tap the full potential of bilateral trade and economic relations, Ghana, Cote d'Ivoire and Namibia sought more Indian investments during President Pranab Mukherjee’s visit to these nations. Mukherjee, in turn, assured them that Indian public and private sector companies were enthusiastic about the opportunities in their respective countries too. He advised them to create a conducive environment for investment and start a dialogue with the Indian industry. The President concluded his six-day (June 12-18) visit to Ghana, Cote d’Ivoire and Namibia on Friday. His visits to Ghana and Cote d'Ivoire were the first by an Indian President, and his visit to Namibia was only the second. “These visits reflect the importance that India attaches to enhancing ...
Exim Bank Lines of Credit for East Africa to Boost Indias Exports
Satyapal Menon | @TheDollarBiz Mombasa Port in Kenya. Kenya accounts for over 63% of India’s total exports to the EAC. The Export Import Bank of India says that Lines of Credit (LOCs) for the East African Community (EAC) is likely to strengthen India’s position as the top exporter to a region considered a virgin territory for investments and infrastructure development, and as a gateway to rest of Africa. The EAC is a regional group comprising the Republics of Burundi, Kenya, Rwanda, Tanzania, and Uganda. It is considered as a single market with around 125 million consumers, and is among the world’s rapidly growing economic regions. During 2002-2012, global trade of EAC surged more than five-fold from $8.9 billion to $49.3 billion, ...
