India announces USD 5 billion credit line for Africa

Addis Ababa: India today announced a USD five billion line of credit to Africa and unveiled a slew of measures to give a massive boost to infrastructure development and capacity building to further consolidate its “unique” and “enduring” partnership with the resource-rich continent.
An additional USD 700 million to establish new institutions and training programmes and another USD 300 million for the development of a new Ethio-Djibouti railway line was also announced by Prime Minister Manmohan Singh in his address at the plenary session of the Second Africa-India Forum Summit being attended by 15 African countries.
Singh’s move is seen as major initiative by India to reach out to African countries where China and Japan have made deep inroads particularly in the infrastructure sector.
The new line of credit follows the USD 5.