PM Modi in Africa: India to provide LOC of Rs 612 crore to Tanzania

India on Sunday signed five agreements with Tanzania, including one for providing a Line of Credit of $92 million (Rs 612 crore) in the water resources sector, said Ministry of External Affairs.

Prime Minister Narendra Modi, who is currently on his four-day Africa tour, reached Tanzania late Saturday night. 

Along with Tanzanian President John Pombe Joseph Magufuli, Modi signed five agreements, to strengthen the ties between the two countries, said the Ministry.

"India's cooperation with Tanzania will always be as per your needs and priorities", Modi said at a joint press interaction after meeting President Magufuli.

Other four agreements signed are:

--MoU on water resource management and development
--MoU for establishment of vocational training centre at Zanzibar 
--MoU on visa waiver for diplomatic/official passport holders
--Agreement between National Small Industries Corporation of India and Small Industries Development Organisation Tanzania.

Modi in his speech said that the two countries are working on number of other water projects for 17 cities. "For this India is willing to consider an additional $500 million line of concessional credit Public Health is another important area of our engagement", he said.

Further, in his speech Modi said that the economic ties between India and Tanzania are on upswing as the two way annual trade stands at around $3 billion (Rs 1995.8 crore).

To make healthcare sector as the main priority, Modi said that India will supply medicines and equipment to Tanzanian government."I am told that an Indian radio-therapy machine is being installed at Bugando medical centre to treat cancer patients".