India offers Africa export credit line
March 4, 2005
New Delhi - India would pay "sustained, special attention" to Africa and translate strong historical and political ties into economic co-operation, foreign minister Natwar Singh said yesterday.
Speaking at the Africa-India Project Partnership 2005 conference, Singh said India would grant a $5 million (R29.6 million) credit line to the Eastern and Southern African Trade and Development Bank to promote India's exports to the continent.
Hundreds of business people and government officials from India and Africa are attending the three-day conference, which began on Wednesday.
In 1991, bilateral trade between India and Africa was estimated at $890 million. By 2003, it had reached $6 billion on the back of trade with South Africa, which stands at $2.4 billion.
The Southern African Customs Union, which consists of Botswana, Lesotho, Swaziland, Namibia and South Africa, is hoping for a preferential trade agreement with India.
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