India & Benin Sign MoU for Export Credit & Investment Insurance

India & Benin Sign MoU for Export Credit & Investment Insurance

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President of India, Ram Nath Kovind, Science, Universities,

India and Benin signed an MoU on Cooperation in the field of Export Credit and Investment Insurance. On the first leg of his state visits to three West African nations – Benin, Gambia and Guinea, Kovind had reached Cotonou, Benin.

On Monday, 29 July 2019 Kovind and Beninian President Talon witnessed the signing and exchange of the MoU along with four other MoUs.

In a delegation-level talks between the two sides, Kovind 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 US$ 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 upgradation of water supply schemes in 103 villages in Benin, is proceeding well. He announced fresh Line of Credit worth US$ 100 million for developmental projects in Benin.

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.