African Development Bank Meet to be held in Gujarat.
India has Extended Credit Totaling $7.6 Billion to African Nations & aims to use the Upcoming Annual Meeting of the African Development Bank in Gujarat this Month to Strengthen its Trade Ties with the Continent.As on March 31, 2017, India has Extended 152 Lines of Credit to 44 African Nations Amounting to $7.6 Billion, Economic Affairs Secretary Shaktikanta Das said. The Meeting will take place on May 22-26 in Gandhinagar, Gujarat.
Prime Minister Narendra Modi, who will Inaugurate the Meeting, had in the India-Africa Summit committed a $10 Billion Line of Credit to African Nations.The African Development Bank (AfDB) has 81 Member Countries, 57 of which are from Africa. India is among the other 24 Non-Regional Members.
Indian Companies have Invested $72 Billion in African Nations as of 2014-15, Mr. Das added, saying that this made up 20% of the Total Investment in those Countries.