India to provide five billion dollar lines of credit to Africa (PM)
27 May 2011
India is to provide Africa with lines of credit amounting to a total of some five billion dollars by 2014, it was learned this week.
These funds will be earmarked to help governments reach their development goals, reports the Xinhua press agency.
The Prime Minister of India, Manmohan Singh, made this announcement last Tuesday, at the opening ceremony of the second Africa-India summit in Addis-Ababa.
He added that India was also going to allocate 300 million dollars to a project to construct a rail track between Ethiopia and Djibouti.
That same Tuesday, the West African Development Bank (WADB) granted three loans to the Togolese government amounting to a total of 59.4 million dollars, says the Xinhua press agency.
Of this amount, nearly 26 million dollars are earmarked for a road infrastructure rehabilitation project in the north of Togo.