India yesterday offered an Rs 350crore line of credit to Zambia, both country vice presidents like Mohammed Hussain Ansari and Rupiah Banda was discussed about electricity project. Zambia is one of the leading exporters of copper and its exporting process is expected to grow because global demand for the metal is picking up.
The two countries agreed there were want to reinvigorate ties to must reflect modify times. The 120MW electricity power generation project was signed between Export-Import Bank of India and Zambia Government. Moreover, this project is mainly used to generate 120mega watt of energy and also implemented by a company of Tata Africa Holdings and Zambia Electricity supply.
The External Affairs Ministry Secretary Vivek Katju said,“ We will now await proposals from Zambian authorities in the area of health, education, infrastructure among others to utilize this line of credit”.
At the 2012 India also planning to offer total credit lines of about $5.4 billion to woo African countries. It has also extended lines of credit of about $1 billion and will give an extra grant of $500 million to these nations.