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India and Benin sign MoU on export credit

Updated: Jul 30, 2019 06:41:45am

India and Benin sign MoU on export credit

Benin, July 30 (KNN) India and Benin signed a Memorandum of Understanding (MoU) on Cooperation in the field of Export Credit and Investment Insurance.

President Ram Nath Kovind is currently on the first leg of his three-nation visit to Africa, having reached the port city of Cotonou in Benin. He was accorded a ceremonial welcome by his Beninese counterpart Patrice Talon on Monday, following which the two sides held a meeting on bilateral relations.

Kovind and Beninian President Talon witnessed the signing and exchange of the MoU along with four other MoUs.

Subsequently, the President led delegation-level talks between the two sides.

Speaking on the occasion, he said that Benin and India share warm and friendly ties. India is keen to strengthen economic partnership with Benin. He was happy to note that India has emerged as the largest trading partner of Benin with two-way trade crossing USD 800 million.

Around 100 Indian or Indian-owned companies are operating in Benin. More Indian companies are interested to enter the Benin market especially in mining. India seeks Benin’s support to help them grow their business.

The President said that India is committed to support Benin’s growth and development. He was happy to note that implementation of the US$ 42.6 million Line of Credit for up gradation of water supply schemes in 103 villages in Benin, is proceeding well.

He also announced extension of e-visa facility to Benin. He expressed confidence that this facility will give a major boost to India-Benin business relations.

India also offered to extend free tele-education courses to 15,000 Beninese students and tele-medicine courses to 1000 doctors and paramedics in Africa.

In addition, the two sides discussed defence and security cooperation and India offered further training assistance to Benin to expand its anti-piracy capacity. India thanked Benin for its support for India's candidature for permanent membership of the UN Security Council.

Both countries reiterated their commitment to stand together in the global fight against terrorism and piracy. They also agreed to work together to combat climate change through the International Solar Alliance.


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