HomeIndustry SectorsFinance and PolicyIndia lends Mali US$100 million for power project

India lends Mali US$100 million for power project

The UN Security
New Delhi, India — ESI-AFRICA.COM — 16 January 2012 – India has extended a US$100-million loan to Mali for a power project, while Bamako has promised in return to support the Asian giant’s bid for a permanent United Nations Security Council seat.

A joint statement to this effect was issued here after a visit to India by Malian President Amadou Toumani Toure last week.

Citing Radio Netherlands Worldwide, allAfrica.com reports that the Indian government’s US$100-million credit line is meant to finance a power transmission project connecting the Malian capital to the southern city of Sikasso.

“The Indian side thanked Mali for its support to India’s candidature for permanent membership in an expanded United Nations Security Council,” the statement added.

India is on a charm offensive to build good ties with the resource-rich African continent, where its Chinese rival is already heavily involved. Experts say much of India’s strategy in Africa “’ made up of 55 countries “’ is to muster support for its bid to be granted a permanent seat at the UN Security Council.

The Security Council’s five permanent members “’ the United States, Britain, France, Russia and China “’ have been the same since 1946.

India, which became independent in 1947 and is now the world’s largest democracy with a population of 1.2 billion, is currently a non-permanent member.