May 24, 2011 12:02 PM EDT
India stepped up its push to deepen its economic ties with Africa and emerge from the shadow of rival China by offering $5 billion to help the continent rich with minerals and commodities.
At an address to an India-Africa summit in Addis Ababa on Tuesday, Indian Prime Minister Manmohan Singh trumpeted his country's historical ties with Africa in his attempt to catch up with Beijing's growing influence on the continent.
Rival emerging economies India and China are scouring the globe to secure energy resources, minerals and food. Both are keen to stress to African nations that they are more than just trade partners and want to help the continent develop.
"There is a new economic growth story emerging from Africa. Africa possesses all the prerequisites to become a major growth pole of the world," Singh told a gathering of African Union leaders in a speech in Ethiopia's capital Addis Ababa.
"The India-Africa partnership is unique and owes its origins to history and our common struggle against colonialism, apartheid, poverty, disease, illiteracy and hunger."
Follow us
Singh, who is on a six-day trip to Africa that began on Monday, is pledging development support in exchange for trade agreements to fuel growth in India's resource-intensive economy, and boost the presence of Asia's third-largest economy which lags China in the world's poorest continent.
"We will offer $5 billion dollars for the next three years under lines of credit to help Africa achieve its development goals," Singh said.
In January 2010, India said it would would increase credit lines to Africa to $5.4 billion until 2012 from $2.15 billion.
BOOST INFRASTRUCTURE
At the gathering, Singh said his country would boost support for infrastructure projects, regional integration, skills training and human resource development.
Singh said India would offer an additional $700 million for new institutions and training programmes and a further $300 million for a new Ethiopia-Djibouti railway line.
Delhi, whose merchant ships have been ravaged by Somali pirates on the Indian Ocean, also offered $2 million to the African Union's mission in the lawless Horn of Africa nation, where they are fighting Islamist insurgents battling to overthrow an internationally recognised government.
Chinese companies are busy building roads across the continent, investing in the energy sector and are active in areas such as telecoms technology.
Both nations are also trying to extend their influence in Africa as they emerge as economic powers and appear keener to flex their diplomatic muscle.
Free Slurpee Day At 7-Eleven: Guilt-Free Slurpee Lite Debuts, Where To Get Your Treat
Top Ten Happiest Countries in the World in 2012 [SLIDESHOW]
Nathan Bihlmaier Found Dead, Police Divers Discover Body In The Old Port Section Of Portland
Emanuela Orlandi, 15, Killed To Cover Up Vatican 'Sex Parties,' Claims Father Gabriele Amorth
Google Doodle Moog Synthesizer: Play And Record Today Before Robert Moog's BirthdayWe value your privacy. Your email address will not be shared.
