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 skill development, to contribute to the opportunities and thereby better lives of their people.

The Minister also called for united action against the menace of terrorism and said that India shares this common problem with Africa.

“The principal security threat which exists in Africa and our region is terrorism. We have to find a united answer to this menace which is as dangerous to any country represented in this room as it is to us,” he said.

Speaking at the event, Manoj Dwivedi, Joint Secretary, Department of Commerce, Ministry of Commerce and Industry, mentioned that India and Africa trade for financial year 2015-16 stood at $57 billion with a considerable increase in exports and sustained imports.

 “Though infrastructure development is vital, but priority should also be given to health, education and agricultural development,” Dwivedi said.

Addressing the gathering, Aaron Mike Oquaye, Speaker of the Parliament of Ghana, stated that both Africa and India have common colonial heritage and have developed their historically close political ties into a robust economic partnership.

“The partnership is one of opportunities and benefits for both sides. Encouraging joint ventures could be the road ahead. It would be a fallacy to paint Africa with a common brush. There is a need to acknowledge diversity within the continent,” he said.

Chandrajit Banerjee, Director General, CII said that around $70 billion worth of 472 projects were discussed during the two-day conclave.

“With 450 international delegates from 37 countries including 32 ministerial delegations, the conclave was an extraordinary platform exhibiting India-Africa partnership,” he added.

In his address, Adi Godrej, Chairman, CII Africa Committee and Chairman, Godrej Group, underlined the complementarities between what Africa requires to develop its potential for growth, and the kind of expertise and resources that India can offer.

“Indian firms will need to enter the new markets of African continent so they can continue to be world players in 21st century,” he said.