India News | India's Cumulative Investments in Africa Stand at USD 70 Billion: MEA

New Delhi, May 25 (PTI) India's cumulative investments in Africa stand at USD 70 billion while it has extended Lines of Credit (LoCs) worth USD 12.26 billion to countries in the continent, according to the Ministry of External Affairs (MEA).

It said on Wednesday that India's concessional loans, grants and capacity building programme have played a significant role in Africa's socio-economic development.

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The MEA said this in a press statement issued on the occasion of Africa Day.

"So far, Lines of Credit (LoCs) worth USD 12.26 billion have been extended to African countries, thus making it the second-largest recipient of India's concessional loan," the MEA said.

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It said under these LoCs, 193 projects have been completed and 66 projects are currently under execution, while 88 are in the pre-execution stage in various sectors.

"On trade and economic front, India is the fourth largest partner for Africa registering USD 69.7 billion trade during 2018-19, and is the fifth largest investor in Africa with cumulative investments at USD 70.7 billion," the MEA said.

India's investments in Africa are in sectors such as oil and gas, mining, banking, pharma, textiles, automotive and agriculture.

The MEA said 38 African nations have benefited from India's Duty Free Tariff Preference (DFTP) scheme which provides duty free access to 98.2 per cent of India's total tariff lines.

Minister of State for External Affairs Rajkumar Ranjan Singh delivered an address at an event organised to mark Africa Day.

Singh highlighted India's multi-faceted relations with the African countries.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)