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.