|India allocates $6 billion for India-Africa cooperation forum|
|Emerging Markets Business News|
|Monday, 07 December 2009 10:39|
Addis Ababa, Ethiopia - The Indian government has allocated US $6 billion loan and grant for the implementation of the decision of the India-Africa Cooperation Forum, the Director General for Africa in the Indian Ministry of External Affairs, Ambassador Gurjit Singh said in Addis Ababa on Saturday.The Indian-African cooperation forum, launched a year ago, aims at strengthening cooperation between India and Africa on trade and development.
According to Ethiopian radio report, Ambassador Gurjit Singh who was the Indian ambassador to Ethiopia over the past three years said that after the discussion held last year between the two sides, some six million US dollars has been allocated for the implementation of the decision of the Forum.
It was reported that some 12 countries have become beneficiaries of the forum while until 2010 other 36 countries are expected to join the forum.
The director said "Ethiopia and Sudan are benefiting from the cooperation as they have been engaged in massive development activities."
The forum has planned to establish 19 institutions including information technology, foreign trade, education and business centers.
India is currently providing short term training to 11,000 to 16, 000 Africans annually.
India is currently investing billions of dollars in Africa, next to China‚Äôs huge investment and business ties with the continent.