India extended concessional loans of over $12.3 bn to Africa

by IANS |

New Delhi, July 20 (IANS) Being a trusted partner in the journey of socio-economic development, India has extended concessional loans of over $12.3 billion to Africa, External Affairs Minister S. Jaishankar said on Tuesday.

The country has also granted $700 million of grant assistance, the minister said in his address at the 17th CII-EXIM Bank Conclave on India-Africa Growth Partnership.

He said that since post-colonial reconstruction is the shared goal of India and African countries, it is only to be expected that development partnership would have primacy in India's Africa policy. "This has been the centerpiece of the India-Africa Forum Summit (IAFS) that first commenced in 2008. Since then, the IAFS process has expanded very significantly both in scope and complexity of projects," Jaishankar said.

He noted that particularly after 2015, the intensified engagement underlines Prime Minister Narendra Modi's personal commitment to greater equity and sustainable development. "We have completed 197 projects so far, 65 more are currently under execution and 81 at the pre-execution stage," Jaishankar added.

He asserted that India's development projects in various sectors such as drinking water schemes to irrigation, rural solar electrification, power plants, transmission lines, cement, sugar and textile factories, technology parks and railway infrastructure have generated local employment and changed the life of many people in Africa.

Latest News
Live band performance at Dal Lake to commemorate Independence Day Sat, Aug 13, 2022, 05:03 PM
K'taka BJP urges Cong MLA to apologise to women for 'job over bed' remark Sat, Aug 13, 2022, 05:02 PM
The poet who first called for complete independence, coined 'Inquilab Zindabad' Sat, Aug 13, 2022, 04:50 PM
Goa Forward demands probe into tur dal wastage issue Sat, Aug 13, 2022, 04:47 PM
Delhi reports 5th monkeypox case Sat, Aug 13, 2022, 04:45 PM
Gujarat youth Congress slams Centre over inflation, unemployment Sat, Aug 13, 2022, 04:43 PM
On his way to celebrate Rakhi, Delhi man's throat slit with Chinese manjha Sat, Aug 13, 2022, 04:40 PM
TN to commence production of Pongal sarees, dhotis soon Sat, Aug 13, 2022, 04:37 PM
CBI arrests Revenue Department official in bribe case Sat, Aug 13, 2022, 04:35 PM
Cong Presidential poll process set to begin this month, no clarity on Rahul's role Sat, Aug 13, 2022, 04:27 PM
Taliban disperses women's rally in Kabul with warning shots, violence Sat, Aug 13, 2022, 03:51 PM
California chemical leak forces evacuation, freeway closure Sat, Aug 13, 2022, 03:48 PM
Shah Faesal appointed Deputy Secretary in Tourism Ministry Sat, Aug 13, 2022, 03:41 PM
Zelensky proposes extending martial law, general mobilisation Sat, Aug 13, 2022, 03:37 PM
Honey trap case: Upcoming Kannada actor arrested, case against 2 young woman in Karnataka Sat, Aug 13, 2022, 03:19 PM