India Pledges Millions to Projects in Africa
(Ebru News/AP) India pledging hundreds of millions of dollars to development projects in Africa in an attempt to bolster its presence on the continent. Indian Prime Minister Manmohan Singh, speaking to the leaders of 14 African countries said India will provide more than 500 million dollars over the next five to six years in grants for development projects. Singh also said India plans to allow duty free imports from less developed countries, most of which are in Africa.
Manmohan Singh, Indian Prime Minister:
" Under this scheme India shall unilaterally provide preferential market access for exports from all the 50 least developed countries, 34 of which are in Africa."
Products to be covered by the plan will range from aluminum ore to cane sugar.
Two-way trade between India and the African continent totals about 30 billion dollars a year, having grown sixfold in the last five years,
The summit is expected to end with the signing of two agreements, one expanding political ties and the other focusing on economic cooperation.
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