India’s Africa connect moves apace
01 Mar 2011
India seems intent on making up for lost time in Africa, announcing a spate of agreements with nations on the continent. It has decided to grant Angola a new credit line and has facilitated an agreement between engineering giant BEML and a Zimbabwean company for a joint venture marketing project of heavy equipment intended for mining.
The credit line for Angola is estimated at $200 million, and it will help finance various projects related to national reconstruction activities.
The extension of credit was announced in Luanda over the weekend by the minister of foreign affairs, Georges Chicoty.
Chicoty said India was interested in partnering Angola in national reconstruction, particularly in the construction of dams.
He said India was also interested in extending co-operation in the sectors of energy and water and the concerned ministries of both nations were discussing projects.
Meanwhile, Indian heavy engineering firm, Bharat Earth Movers Ltd (BEML) and Zimbabwean SGI Group of Companies have formed a joint venture company for the marketing and distribution of BEML's mining and construction heavy equipment in Zimbabwe.