India extends USD 195 million credit line to Ethiopia

ANI | Updated: Oct 05, 2017 23:31 IST

Addis Ababa [Ethiopia], October 5 (ANI): President Ram Nath Kovind on Thursday announced that India would give Ethiopia a line of credit of USD 195 million for power transmission sector and medicines worth USD 2 million .

Reteirating India's support to Ethiopia, the Indian President said, "India will provide a credit line to the tune of USD 195 million to Ethiopia for power transmission as well as USD 2 million for medicines."

President Kovind also stated that India wanted to strengthen bilateral ties with Ethiopia, adding that the two countries will also work together in the U.N. and other multilateral bodies.

"Our talks today focussed on strengthening our warm relationship. We covered all areas of regional cooperation between India and Ethiopia and in future, we will be working closely to develop our trade, investment and people to people relations."

India also thanked Ethiopia for its participation in the International Solar Alliance (ISA), established in 2015.

This is the first time in 40 years that an Indian presidential delegation has visited Ethiopia.

During the joint press conference, his Ethiopian counterpart Mulatu Teshome said, "It's not only about celebrating our past historical ties, but also the expectations of the people of India and Ethiopians to work together."

Teshome said, "This will boost invetsment relations between the two countries and forge relations for mutual benefits. I particularly underline the historic visit of the Indian President to our country, which will give both our countries an opportunity to explore areas of cooperation."

India and Ethiopia on Thursday signed agreements for cooperation in trade and communication sectors to boost bilateral ties. (ANI)