India announces aid for Least Developed Countries

New Delhi: India raised its global profile a notch announcing additional assistance to Least Developed Countries (LDCs) including establishment of a special fund of $5 million and a $500 million credit line for developmental projects. The announcement comes even as it woos countries in its bid to attain permanent member status at the United Nations Security Council.

LDCs form a crucial bloc of voting nations in the United Nations General Assembly.

Pointing out that the number of Least Developed Countries ''has almost doubled from 25 in 1970 to 48 in 2011'' Indian external affairs minister, SM Krishna, said the inability of these countries to change their country status was "clearly unacceptable."

Only three countries have so far graduated out of their LDC status.

"It is time that we take up the cause of the LDCs on a war-footing and work together. Without the progress of these countries there can be no equitable global growth and prosperity," Krishna said while inaugurating a ministerial conference of LDCs.

Given the enormity of the challenges facing the LDCs and the "less than satisfactory results of international efforts" so far, it is imperative that "we explore new and innovative ways to supplement the mainstream effort to assist these countries and look for out-of-the-box solutions to assist our least developed country partners," Krishna said.