New Delhi, Aug 1: President Ram Nath Kovind has said that India and Africa share the same development challenges, both are driven by similar imperatives, and stressed that Africa’s economic projection and India’s growth can complement each other.The President is on three-nation tour to Benin, the Gambia and Guinea.Addressing the National Assembly of The Gambia in Banjul on Wednesday, Kovind said, 'Our trade and investment relations are growing.
Our bilateral trade stood at over USD 62 billion for 2017-18. India has become the fifth largest investor in Africa with cumulative investments at over USD 54 billion.'Kovind said the African Continental Free Trade Area Agreement launched this month will make Africa the largest free trade area in the world. India views this development as yet another opportunity to boost economic ties with Africa, according to an official statement here on Thursday.
The President said that 'our development cooperation, based on African priorities and sustainable partnerships, is a key feature of our engagement with the continent. After South Asia, the African continent is the largest recipient of Indian overseas assistance'. As many as 181 Lines of Credit have been extended to 41 countries for a total amount of USD 11 billion, he said. India's projects have made a great difference to the quality of life of the African people, all over the African continent, Mr Kovind said.
'India cherishes its privileged development partnership with The Gambia. India has, in keeping with The Gambian priorities, extended support for its social and economic progress - from capacity building, financial assistance to implementing infrastructure projects. 'India has provided concessional lines of credit worth USD 78.5 million to support programs of rural development, agriculture, drinking water, healthcare and setting up physical infrastructure of The Gambia.
Another line of credit of USD 92 million has been extended. Each year, we receive young Gambians in India for education, for skilling and for navigating the digital world. We remain committed to strengthening The Gambian capacity to build institutions and help democracy deliver. UNI