https://sputniknews.in/20230705/india-stretching-influence-in-africa-as-lending-to-continent-surge-2850499.html
India Extending Influence in Africa as Lending Surges
India Extending Influence in Africa as Lending Surges
Sputnik India
India has become the second largest creditor to African nations, said a report published on Wednesday citing Harsha Bangari, the Managing Director of India’s Export-Import Bank.
2023-07-05T19:56+0530
2023-07-05T19:56+0530
2023-07-05T20:39+0530
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Africa became the second-largest recipient of credit from India, as per media report published on Wednesday, citing Harsha Bangari, the managing director of India’s Export-Import Bank. India has invested in several African projects in different sectors including infrastructure, ICT, power generation, water, roads, railways, and agriculture, fostering entrepreneurship and “empower rather than extract from local communities," as it tries to increase its influence in the resource-rich continent.In an interview with Bloomberg, Bangari called the bank an instrument of India’s economic diplomacy.India has also opened up 195 project-based lines of credit worth about $12 billion across Africa.“Africa has made good use of credit lines,” she said.In April, Indian External Affairs Minister S. Jaishankar visited Uganda and Mozambique in an attempt to increase India’s bilateral ties with African nations. Indian Prime Minister Narendra Modi likewise visited Uganda in 2018 and enunciated India’s overarching policy toward Africa.In diplomatic areas, 18 of the 25 new Indian embassies were opened in Africa over the past nine years.India has likewise hosted 48 African countries in February at the Voice of Global South summit.
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african nations, second largest creditor, harsha bangari, india’s export-import bank, infrastructure, ict, power generation, water, roads, railways, and agriculture, fostering entrepreneurship, uganda, mozambique, voice of global south summit, india’s economic diplomacy, india turns second largest creditor to africa
african nations, second largest creditor, harsha bangari, india’s export-import bank, infrastructure, ict, power generation, water, roads, railways, and agriculture, fostering entrepreneurship, uganda, mozambique, voice of global south summit, india’s economic diplomacy, india turns second largest creditor to africa
India Extending Influence in Africa as Lending Surges
19:56 05.07.2023 (Updated: 20:39 05.07.2023) Deexa Khanduri
Sputnik correspondent
As per data published by Bloomberg, 42 African nations received about $32 billion or 38% of all credit extended by India in the last decade.
Africa became the
second-largest recipient of credit from India, as per media report published on Wednesday, citing
Harsha Bangari, the managing director of India’s
Export-Import Bank.
India has invested in several African projects in different sectors including infrastructure, ICT, power generation, water, roads, railways, and agriculture, fostering entrepreneurship and “empower rather than extract from local communities," as it tries to increase its influence in the resource-rich continent.
In an interview with Bloomberg, Bangari called the bank an instrument of India’s economic diplomacy.
India has also opened up
195 project-based lines of credit worth about $12 billion across Africa.
“Africa has made good use of credit lines,” she said.
In April, Indian External Affairs Minister S. Jaishankar visited Uganda and Mozambique in an attempt to increase India’s bilateral ties with African nations.
Indian Prime Minister
Narendra Modi likewise visited Uganda in 2018 and
enunciated India’s overarching policy toward Africa.
In diplomatic areas, 18 of the 25 new Indian embassies were opened in Africa over the past nine years.
India has likewise hosted 48 African countries in February at the Voice of Global South summit.
