(Bloomberg, New York) In order to catch up with China's influence in Africa, India has continuously increased loans to this resources to enrich the mainland in recent years; Africa has now become the second largest debt area for Indian loans.
Pancari, managing director of the Indian Import and Export Bank, said in an interview with Bloomberg that in the past 10 years, 42 African countries borrowed a total of about $ 12 billion (about S $ 16.2 billion) from India, accounting for 38% of all India's all credit.Essence
She said that the bank is a tool for "economic diplomacy" in India.She revealed that India has also opened 195 project credit quotas across Africa, which is three times that of India in the past 10 years in South Asia.
She said, "Africa has made full use of credit quotas", and expands medical care, infrastructure, agriculture and irrigation projects; African countries' demand for Indian loans is growing steadily.
China promises to provide loans to India 11 times higher
Nevertheless, India still lags behind China in expanding its influence on Africa.China's loan on Africa has declined since 2016, but according to data from the Global Development Policy Center of the University of Boston, within the 10 years of 2020, China promised to provide African countries with $ 134.6 billion in loans, 11 times that of India.
China has developed African mineral resources very early, and is currently developing a new lithium supply center to help Africa to respond to the market for key metal tensions in electric vehicles.China is also the largest buyer of Guinea aluminum mine.
However, as the African continent is responding to crown diseases and RussiaThe disturbance of the economy , New Delhi saw the opportunity to expand the influence on Africa.
In the past nine years, 18 of the 25 new embassies or consulates in India are located in Africa.In February this year, India received 48 African countries at the "Southern Southern Country" summit.Indian Prime Minister Modi is also striving to make India a representative of the global southern countries and regions."REL = NOFOLLOW TARGET = _Blank> Twenty Group (G20) rotating chairman country and other platforms to ask people to pay attention to the debt crisis of developing economies.
Banjali said that China's financing scale is larger than India, but New Delhi allows the African government to decide what they need, instead of letting them bear the burden on the vanity project that Beijing is often criticized.
