India proposes $100 mn line of credit for Zimbabwe

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New Delhi, Jan 10 (IANS) India has mooted a $100 million line of credit (LoC) for improving health infrastructure in Zimbabwe, saying that Indian public sector undertakings (PSUs) would assist in reducing the infrastructural deficit and contribute to the African nation's economic development.

'India would assist Zimbabwe in reducing its infrastructural deficit. Indian PSUs like IRCON, RITES and WAPCOS which had earlier also executed infrastructure projects in Zimbabwe could participate in executing fresh projects,' said Indian Commerce Minister Anand Sharma in a meeting with Zimbabwean Finance Minister Tendai Biti at Harare Monday, an official release said here Tuesday.

'A team from India would be visiting Harare next week to discuss the proposal for LOC of $100 million for strengthening of health infrastructure,' Sharma added.

The two ministers also agreed to speed up the execution of the Pan-African e-Network project.

Sharma also expressed concern over Zimbabwe's Indigenization and Economic Empowerment Act, as it could deter further investments by Indian companies in Zimbabwe and also urged on the need for simplifying the process for issue of business visas to Indian businessmen.

'It was suggested that a one-year multiple entry visa could be issued to encourage potential Indian investors visiting Zimbabwe,' the statement said, citing Sharma.

Sharma also said that Indo-Zimbabwe ties would get further strengthened through the setting up of a rural technology park and a food testing laboratory in Zimbabwe by India.

This was one of the commitments made by India during the India-Africa Forum Summit held at Addis Ababa in May 2011.

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Source: http://www.sify.com/finance/india-proposes-100-mn-line-of-credit-for-zimbabwe-news-national-mbks4laecbj.html

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