$10 M Exim Bank credit for SA

By siliconindia   |   Wednesday, 02 July 2003, 19:30 IST
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A $10 million credit line from the Exim Bank of India to ABSA Bank of South Africa is expected to be signed this week.

PRETORIA: It will be part of the 5th meeting of the South Africa-India Bilateral Commission to be held here Thursday and Friday that will be co-chaired by External Affairs Minister Yashwant Sinha. The high-powered Indian delegation led by Sinha emphasises the growing importance India places on relations with South Africa in particular and the continent in general. These relations were resumed a decade ago after almost 40 years of diplomatic isolation during the white minority apartheid era. Sinha will co-chair the meeting, following on the last one in 2001 in New Delhi, with South African Foreign Affairs Minister Nkosazana Dlamini-Zuma. The nine-member delegation from India includes representatives from various departments dealing with key areas of cooperation between the two countries, especially commerce and industry, chemicals and fertiliser, IT, tourism and mining. Senior officials of parastatals such as the National Thermal Power Corporation will also be present. The joint commission will review a range of relations between two leading states in the developing world, including political relations, commerce, economics, defence, culture and science and technology. Cooperation in multilateral forums will also come under the spotlight, more so since the IBSA Dialogue was initiated last month in Brasilia to promote dialogue between India, Brazil and South Africa. This development, as well as the key role that India and South Africa play in the Non-Aligned Movement, will focus attention on South-South relations at the Commission. Besides the objective of strengthening historical ties with South Africa, India is also placing great emphasis on developing relations with the rest of Africa. Sinha's first meeting after his appointment was with the African group of ambassadors in New Delhi. Five heads of African states have visited India in recent months. Recently India also announced that it would provide up to $200 million through a combination of grants, loans and credits towards projects covered under NEPAD (New Partnership for African Development).