ADDIS ABABA, Ethiopia, May 26 (UPI) -- India, seeking wider investments in resource-rich Africa, has "immense faith" in the continent's people and governments, the Indian prime minister said.
Speaking to reporters after the second Africa-India summit in the Ethiopian capital of Addis Ababa, Manmohan Singh, who was on a six-day Africa visit, said: "I believe in the old saying attributed to Lord Keynes that act of an investment is an act of faith," the Economic Times reported.
"We have immense faith in the people and governments of Africa," the economist-turned prime minister said, noting India has committed $5.7 billion of grants and lines of credit to Africa during the next three years.
"In accordance with Africa's own priorities, we have decided to significantly enhance support for institutional capacity building, technical assistance and training programs for human resource development in Africa," he said.
A declaration adopted at the summit called for "fair representation of Africa" in global economic decision-making and said India and Africa will coordinate efforts in the Doha Round negotiations on agriculture.
The Voice of America reported Singh's visit to the continent is designed to expand business relations and gain support for India's bid for a permanent seat on the U.N. Security Council.
The report quoted Ambassador John Kayode Shinkaiye, an official of the African Union, as saying African heads of state and governments have unanimously expressed support for stronger relations with India.
"India is willing to support us in our efforts to deal with our peace and security issues," he said.
Singh's trip, whose next stop is Tanzania, is also designed to promote India's growing world stature, along with China, and secure similar access to Africa's vast resources, the Los Angeles Times reported.
Singh assured the summit his country will work with Africa to help "realize its vast potential."
