Thursday, March 3 2005 13:12 Hrs (IST) - World Time -

New Delhi: Government today (Mar 3, 2005) said that it is committed in its support to Africa's growth and development.

"We are keen on institutionalising our strong heritage and linkages and are committed to the growth and development of Africa," External Affairs Minister Natwar Singh said at the India-Africa Project Partnership conclave at New Delhi.

Both India and Africa cannot progress without sufficient economic development, he said.

"I am happy that many African leaders have pledged their support for India in the Security Council. This matter will be taken up further at the upcoming talks in New York," he said referring to the issue of permanent seat for India in the United Nations Security Council.

African Development Bank (ADB) and EXIM bank today signed a technical cooperation agreement. The two banks also signed a Memorandum of Understanding (MoU) for co-financing projects in Africa.

The agreement envisages joint financing of priority projects in regional member countries of the African bank.

EXIM Bank also has a working relationship with the International Finance Corporation (IFC) and under this arrangement services are provided to Africa Project Development Facility (APDF) for the Small & Medium-Sized Business (SME) sector.

It extends Line of Credit (LoC) to Governments, commercial banks and financial institutions of Africa. The EXIM Bank has 16 operative LoCs amounting to US $ 238 million and covering 32 countries in the African region.