India Pledges $500 Million Aid for Poor Countries

India has pledged $500 million aid for a host of projects in Least Developed Countries (LDCs) and offered to share its developmental experience with them.

“Today, as the world’s largest democracy, which supports fundamental human rights and human freedoms, we are proud of the progress we have been able to register to meet the economic aspirations of our people,”

Indian Foreign Minister SM Krishna announced a $500 million credit line over the next five years to be used specifically for projects and program of LDCs at the opening of a ministerial conference of LDCs in New Delhi.

“We stand ready to share our experience with our friends and brethren in the Least Developed Countries,” Krishna said.

Around 35 foreign ministers and 40 Permanent Representatives to the UN from the LDCs are participating in the conference.

Foreign Minister Ahmet Davutoglu of Turkey, which will host the next conference on LDCs in Istanbul on May 9-13, was also in attendance.

The two-day conference is expected to come out with a Delhi Declaration outlining ambitious plans for spurring development of these countries.