India forges closer ties with Africa at Summit

Manmohan Singh, the Prime Minister of India, opened the first India-Africa Summit in New Delhi, Tuesday, at which he committed India to greater engagement with Africa. Included in India’s commitment is a duty free tariff preference scheme for all 50 Least Developed Countries of which 34 are in Africa, provision of more than $500 million over the next five to six years in grants for development projects and the setting up of an India-Africa Voluntary Corps devoted to development work. Africa is also to benefit from India more than doubling its lines of credit to African countries and regional economic groups to $5.4 billion, up from $2.15 billion in the last five years. India is also set to gain from this relationship with the potential political support of 54 of the world’s nations, new markets for its goods and services and new source for goods.

14 African leaders including 10 heads of state attended the Summit.


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