India extends LOC to Guinea
India extended Line of Credits(LOC) to Guinea on Thursday, 5th December 2019 during the visit of Guinea’s Minister of Foreign Affairs and Guineans Abroad, Mamadi Toure to India from 2-5 December 2019. Minister of External Affairs, S.Jaishankar held bilateral discussions with Mamadi Toure in New Delhi followed by the signing of LOC:
1)Signature for LOC agreement of USD 170 million.
(Earlier in August 2019, President Ram Nath Kovind during his visit to Guinea announced a USD 170 million LOC for the development of water supply project for the capital city of Guinea, Conakry).
2)USD 20.22 million for two solar projects (a) solar projects will provide the supply of electricity and drinking water to seven public universities (b) 200 health centers will receive electrification and refrigeration
Guinea was one of the 16 countries to sign the framework agreement of India-initiated International Solar Alliance on its first day of opening at the COP22 on 15th November 2016. A year later, on 6 November 2017, Guniea ratified and handed over the instrument of accession to the International solar alliance. Earlier in January 2019, India re-opened its embassy in Conakry.
India-Guinea have a bilateral trade at USD 819.11 million in 2018-19.
Taking together, LOC extended by India to Guniea reaches USD 253.32 million to date.
Category: International Current Affairs