India offers USD 130 million credit to Zambia to boost ties

Anand Mishra
Lusaka (Zambia), Jan 6 (PTI) Seeking to step up its
presence in Africa, India on Wednesday extended a liberal
credit line of USD 130 million to Zambia as the two countries
agreed to "reinvigorate and re-energise" their relationship to
mirror the changed international scenario.
The agreements were signed between the Export-Import
Bank of India and the Zambian Ministry of Finance and National
Planning in presence of Zambian Vice President George Kunda
and Indian Vice President Hamid Ansari, who is here on a
three-day official visit.
An agreement with the government of Zambia for
extending a USD 50 million Line of Credit (LOC) for its
ambitious Itezhi Tezhi Hydropower Project was inked as New
Delhi announced to extend another LOC worth USD 75 million in
two years. An additional grant of USD 5 million for Zambia's
social sectors was also announced.
Briefing newsmen on talks between Ansari and his
Zambian counterpart Kunda, Vivek Katju, Secretary (West) of
Ministry of External Affairs, said they underlined the need to
reinvigorate and re-energise the relationship.
"It was also recognised that times have changed and
there is a need, as our Vice President put it, to reinvigorate
and re-energise the relationship between the two countries.
That process began in 2008 at India-Africa summit," Katju
said. (More) PTI