India offers Madagascar USD 80 million LoC for agriculture, mechanization

ANI | Updated: Mar 14, 2018 23:56 IST

Antananarivo [Madagascar], Mar 14 (ANI): President Ram Nath Kovind on Wednesday said India has decided to offer Madagascar a USD 80 million Letter of Credit (LoC) for agriculture and mechanisation.

President Kovind, who is on a five-day two-nation visit, here said, "We are keen to bring in expertise, replicate infrastructural stories in other African countries through India's LOC financing," adding, "India is keen to enhance and strengthen its partnership with Madagascar."

He further said that India has been sharing its developmental experience with Madagascar and is happy to cooperate in the fields of human development such as health, education, and sanitation.

Earlier today, President Kovind held delegation-level talks with President Hery Rajaonarimampianina in Madagascar. He also met with the Prime Minister of Madagascar Olivier Mahafaly Solonandrasana.

President Kovind was received by Madagascar Prime Minister Oliver Mahafaly Solonandrasana at the Antananarivo airport today.

The President was accompanied by his wife and the First Lady of India Savita Kovind.

Malagasy children presented President Kovind with flowers. They were also holding the flags of India and Madagascar respectively.

President Kovind then discussed with the Madagascar Prime Minister on further enhancing bilateral ties between the two countries.

He then proceeded to the presidential palace in Antananarivo where he was accorded a guard of honour and called on Madagascar President Hery Rajaonarimampianina.

Madagascar is straddled in the Indian Ocean and alongside the strategic Mozambique channel.

It is also a member of the International Solar Alliance (ISA). The island country is the fourth largest in Africa, in terms of size and is around 300 times bigger than Mauritius. Both Mauritius and Madagascar were erstwhile French colonies. (ANI)