The Hindu : National : India offers $500 million credit line to Mozambique

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National

India offers $500 million credit line to Mozambique

Special Correspondent

— Photo: R.V. Moorthy

Mozambique President Armando Emilio Guebuza with President Pratibha Patil and Prime Minister Manmohan Singh during the ceremonial reception at the Rastrapati Bhavan in New Delhi on Thursday.

NEW DELHI: India and Mozambique on Thursday signed three agreements besides agreeing upon a credit line of $500 million for infrastructure projects. During talks with the visiting Mozambique president Armando Guebuza, Prime Minister Manmohan Singh discussed the safety and security of sea lanes against the backdrop of nearly a decade of intermittent cooperation in this area between the two countries.

“We both belong to the same Indian Ocean community and share common concerns. It is in our mutual interest to ensure the safety and security of the sea lanes of communication in the Indian Ocean,” said the Prime Minister in remarks to the media. India has agreed to support the establishment of training and planning institutions in Mozambique to aid capacity-building in the coal industry, and will also support capacity-building for the defence and police forces of that country, said Dr. Singh.

The Prime Minister said he and Mr. Guebuza have decided to build upon the foundations of the past, and create a partnership based on four pillars which he identified as greater political engagement, deepening economic cooperation, strengthening defence and security cooperation, and cooperation in capacity-building and human resource.

The agreements signed relate to avoidance of double taxation, cooperation in mineral resources and between middle and small enterprises.

“As one of Africa's foremost leaders, President Guebuza's leadership and guidance will play an important role in shaping India's partnership with Africa. We will work closely with Mozambique on regional and other issues, as well as in preparations for the next India-Africa Summit in Africa in 2011,” said Dr. Singh.

“We have agreed to exploit our mutual complementarities in areas of trade and economic cooperation, transportation, railways, mining, coal, agriculture, small and medium enterprises and science and technology,” he added.

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