India Sets Up Fund For Africa

Accra, Aug. 15, - India has set up a special revolving fund to assist African countries in small-scale technology, Mr Dilgit Pannun, Indian High commissioner in Ghana, said today. He said the fund, initially pegged at about 35 million dollars, is expected to grow up to 350 million dollars with time. The fund will attract not more than two per cent interest and will cover a 15-year life-span. The High Commissioner said this during a courtesy call on Vice President John Atta Mills at his office in the Castle, Osu. Mr Pannun said the fund will be used to assist in the establishment of small scale industries and promotion of indigenous technology with Indian skills and expertise. Ghana will be the first African country to benefit from the scheme with an Indian technology fair to be held in Ghana soon.