Under its Neighborhood First policy, India has extended a total of 37 lines of credit worth USD 14.27 billion covering 162 projects in five neighborhood countries including Bangladesh, Maldives, Myanmar, Nepal and Sri Lanka since 2017.
Another 222 lines of credit worth USD 14.07 billion covering 357 projects have been extended to 42 African countries. These projects cover various sectors such as roads, railways, energy, ports and navigation, telecommunications, health, education and aviation.
This was stated by Minister of State for External Affairs V Muraleedharan while answering a question on ‘development projects in foreign countries’ at Lok Sabha on Friday.
🇮🇳🇬🇾partnership⬆️Launch of Ocean Going Ferry MV Ma Lisha(Friendship) by Ms. Joan Anita Edghill in the presence of #Guyana The Minister of Public Works, the Honorable Bishop Juan Edghill in Kolkata built by @OfficialGRSE below #India Line of credit of USD 12.77 million @dpa_mea @MEAIndia @drkjsrini @OTPGY @ANI pic.twitter.com/joEmgm2ldT
— India in Guyana (@IndiainGuyana) June 15, 2022
Under the Neighborhood First policy, development cooperation is an important component of India‘s engagement with neighboring countries. While undertaking these projects, Indian expertise is showcased in the planning and implementation of projects in a wide range of areas covering both infrastructure development and socio-economic development.
Development assistance to neighboring countries – delivered mainly through lines of credit, grants and capacity building programs – is provided by the Government of India under the India Economic Development and Assistance Program (IDEAS ) through the Exim Bank of India.
Grant projects are also being carried out in India’s partner countries in the neighborhood – including Afghanistan, Bangladesh, Mauritius, Maldives, Myanmar, Nepal and Sri Lanka – in areas such as rail links , roads and bridges, waterways, border links infrastructure, capacity building, health care, agriculture and community development.
The Indian Government’s line of credit project in The Gambia “Replacement of Asbestos Pipes with uPVC Pipes and Rehabilitation and Extension of Water Supply Network in the Greater Banjul Region” is proceeding apace. @dpa_mea pic.twitter.com/t9YsbYrSPb
— India in Senegal (@IndiainSenegal) August 21, 2020
The Minister informed that the selection of Indian executing agencies for projects under the Lines of Credit is done in accordance with IDEAS guidelines approved by the Cabinet and issued by the Ministry of Finance on March 31, 2022.
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