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India Announced USD 250 Million Line Of Credit To Kenya

India Announced USD 250 Million Line Of Credit To Kenya:

India has announced a USD 250 million line of credit to Kenya for modernisation of its agricultural sector during the recent visit of Kenya’s President to India.

  • A line of credit (LOC) is a predetermined borrowing limit that is accessible whenever necessary. The borrower can withdraw funds as required until reaching the established limit, and once repaid, the funds can be borrowed again in the case of an open line of credit.
  • India and Kenya signed five pacts providing for cooperation in a range of areas including sports, education and digital solution, and unveiled a joint vision document tso scale up maritime engagement in the Indian Ocean region.
  • India also raised the issue of two Indian nationals who went missing in the east African country last year.
  • Both sides agreed to strengthen bilateral ties in the field of defense, trade, energy, digital public infrastructure and healthcare.
  • Both sides deliberated on defense cooperation and emphasized on military exercises, capacity building as well as linking the defense industries of both the countries .
  • Kenya invited Indian companies to take advantage of the conducive and attractive environment to invest in Kenya, especially in agriculture, manufacturing, pharmaceutical, health, green energy and green mobility sectors.
    Terrorism is the most serious challenge and both sides have decided to increase counter-terror cooperation