India’s total trade with Africa increased from US$ 12 billion during 2005-06 to US$ 72 billion in 2014-15. During this period, exports from India to Africa increased from US$ 7 billion to US$ 33 billion and imports from Africa to India increased from US$ 5 billion to US$ 39 billion.

 During the 3rd India Africa Forum Summit, the Government of India announced India’s offer for concessional credit of US$ 10 billion over the next 5 years to African Countries to strengthen India-Africa partnership, in addition to the US$ 7.4 billion concessional credit programme committed by India since the 1st India Africa Forum Summit in 2008. The Governments of African countries will propose projects in areas/sectors where they would seek concessional credit from Govt. of India. In the past, such projects have broadly covered sectors such as agriculture, infrastructure, power transmission, water supply and so on. Government of India emphasised that at the ministerial meeting of the WTO in November at Nairobi, India and Africa must ensure that a permanent solution on public stock holding for food security and special safeguard mechanism in agriculture for the developing countries should be achieved.

 This information was given by the Minister of State(Independent Charge) in the Ministry of Commerce & Industry Smt. Nirmala Sitharaman in a written reply in Lok Sabha today

Concessional credit offer strengthens development cooperation and supports project financing and agricultural trade protections. India expanded trade with African countries while offering project-based concessional credit to finance recipient-proposed projects in agriculture, infrastructure, power transmission and water supply; concurrently it urged joint negotiation with African partners at the WTO for a permanent solution on public stock holding for food security and a special safeguard mechanism for agriculture for developing countries.