New Delhi, Mar 01: In a unique initiative, India today signed a memorandum of understanding (MoU) with eight African states to launch a new grouping to promote economic cooperation and offered to commit 500 million US dollars for undertaking projects on a bilateral as well as regional basis in these countries. The formation of Team-9 (Techno-Economic Approach for Africa India Movement) was announced by External Affairs Minister Yashwant Sinha and his counterparts from Burkina Faso, Chad, Cote d'Ivoire, Equatorial Guinea, Ghana, Guinea Bissau, Mali and Senegal after their meeting here this afternoon. This is a unique experiment we are conducting to strengthen our relations with African nations. We will try and promote our ties with these eight states on bilateral as well as regional basis, Sinha said. The MoU signed by the two sides provides for the immediate setting up of a joint business council (JBC) for identifying areas of cooperation and joint ventures. Senegal Foreign Minister Cheikh Tidiane Gadio explained that this was not a government-to-government initiative. We want our cooperation to be driven by the private sector, he added. He said India was a role model for the African countries, especially in the field of information technology and satellite communication. Bureau Report