India Open U.S.$5 Billion Line of Credit to African Countries

India will grant a 5.0 billion credit in the coming three years, so as to support development programmes in Africa, the Indian prime minister, Manmoham Singh, has announced.

The official said that an additional 700 million dollars will also be available to set up new institutions and implement inter-connection programmes with the African Union and its institutions.

He announced it when speaking at the opening session of the second Africa-India Summit, taking place in Addis Ababa, on May 24-25.

On the other hand, he said that his country will create the Afro-Indian virtual university meant to meet the Africa’s demand in matters of higher studies.

With the creation of this university, he explained, 10,000 new scholarships will be available for African students, extended to post-graduation studies.