Seeking to step up its presence in Africa, India today extended a liberal credit line of 130 million US dollars to Zambia as the two countries agreed to reinvigorate and re-energise their relationship to mirror the changed international scenario. The agreements were signed between the Export-Import Bank of India and the Zambian Ministry of Finance in presence of Zambian Vice President George Kunda and Indian Vice President Hamid Ansari, who is in Lusaka on a three-day official visit.<br/><br/>An agreement with the government of Zambia for extending a 50 million Line of Credit for its Hydropower Project was inked as New Delhi announced to extend another Line of Credit worth 75 million US dollars in two years. An additional grant of 5 million dollars for Zambia's social sectors was also announced. Briefing newsmen on talks between Mr Ansari and his Zambaian counterpart , Vivek Katju, Secretary, West in the Ministry of External Affairs, said they underlined the need to reinvigorate and re-energise the relationship.<br/><br/>Mr Katju said that India would wait for proposals preferably for education and agriculture sectors from the Zambian government for this credit. Earlier, Mr Ansari referring to the old and special relationship with African countries, said India's engagement in Africa is at its own pace and as per its capabilities. Asked how India will respond to the China's aggressive investments foray into Africa, the Vice-President said, one should not look at Africa in terms of Chinese engagement, as India has its own unique style. <br/><br/>The Vice President also discussed the issue of reforms in the United Nations Security Council with his Zambian counterpart in which Lusaka reiterated its support to India's bid for permanent membership in the UNSC after its expansion. Mr Ansari also met the Zambian President Rupiah Bwezani Banda at State House in the capital. Zambian Finance Minister Stumbeko Musokotwane and other members of the Indian delegation, including Minister of Labour and Employment Harish Rawat, were also present. Mr Ansari, who arrived in Zambia on 5th January, has a scheduled meeting with the first President of the country Kenneth Kaunda tomorrow before he departs for Malawi and Botswana during his week-long tour of the three countries.
News On AIR | January 6, 2010 8:44 PM
India extends credit line of USD 30 mln to Zambia