Africa-India trade increases


AFRICAN Development Bank (AfDB) president Akinwumi Adesina says Africa-India trade rose five-fold in the last decade and is forecast to double to US $100 billion by 2018.

Mr Adesina commended the Indian government for its commitment to supporting economic growth in Africa.
He cited the 2015 US$10 billion line of credit to be delivered over the next five years through the Exim Bank of India to Indian companies wanting to invest in Africa as among successful support given to the continent.
Others are the US$9.5 million of grants made in Africa through the India-Africa Co-operation Trust Fund and the Kukuza project development company, an Africa-India initiative-based in Mauritius, which is developing a pipeline of bankable infrastructure projects in Africa.
This according to a statement availed to the Daily Mail by AfDB on Sunday.
“Africa and India have development journeys to share and huge opportunities to explore together, not least in harnessing solar power to promote economic growth, and sharing the know-how of agricultural transformation,” he said.
Commenting on the conference which started yesterday and ends on May 26, Mr Adesina said the aim of the meeting is for Africa-transform its agriculture sector.


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