India offers US$ 100 million line of credit for developmental projects

India offers financial help to bolivia

Question: India has announced to give $100 million line of credit for developmental projects to which of the following country?
(a) Cameroon
(b) Maldives
(c) Jordan
(d) Bolivia
Answer: (d)
Related facts:

  • The President of India Ram Nath Kovind was on a state visit of Bolivia from 28th to 30th March, 2019.
  • During this visit President Morales conferred the highest State Honour of BoliviaCondor de los Andes en el Grado de Gran Collar – on President Kovind.
  •  India announced a US$ 100 million Line of Credit to Bolivia for financing development projects in sectors that Bolivia may choose. Doubling of training slots to 10 under Indian Technical Economic Cooperation programme to Bolivia was also offered.  
  • The President led delegation-level talks between India-Bolivia. Following the delegation-level talks, the two Presidents witnessed the signing and exchange of eight MOUs in the field of fields of culture, visa waiver for diplomats, exchange between diplomatic academies, mining, space, traditional medicine, establishment of Centre of Excellence in IT and the Bi-Oceanic Railway project.
  • India-Bolivia bilateral trade has picked up in the last two years and it stood at US$ 875 million in 2018. 60% of Bolivian gold is exported to India.
  • Both sides also agreed to work together for exploration and extraction of Lithium. India needs Lithium for its clean technology initiatives such as increased use of electric cars. 
  • Bolivia also joined the International Solar Alliance by signing the framework agreement on International Solar Alliance. 
  • Bolivia is a landlocked country in the center of South America. It is bordered by Brazil to the north and east, Paraguay and Argentina to the south, and Chile and Peru to the west.
  • This is an energy and mineral resource rich country having huge deposits of hydrocarbons, natural gases and lithium used for making batteries.

Links:

http://pib.nic.in/newsite/PrintRelease.aspx?relid=189604

https://en.wikibooks.org/wiki/Wikijunior:South_America/Bolivia

https://www.worldatlas.com/articles/what-is-the-capital-of-bolivia.html

https://www.dailypioneer.com/2019/sunday-edition/india-offers–100-million-credit-to-bolivia-for-development-projects.html

https://www.britannica.com/place/Bolivia