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 an attempt to catch-up with Beijing's growing influence on the continent.   

"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 said.

"The India-Africa partnership is unique and owes its origins to history and our common struggle against colonialism, apartheid, poverty, disease, illiteracy and hunger."    

Singh, who is on a six-day trip to Africa which 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 US dollars for the next three years under lines of credit to help Africa achieve its development goals," he said in a speech in Ethiopia's capital Addis Ababa.

Singh said India would offer an additional $700 million for new institutions and training programmes, a further $300 million for a new Ethiopia-Djibouti railway line and $2 million to fund the African Union's peacekeeping force in Somalia.

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.   

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.   

India is trying to increase it presence on the continent as well as get African support for its bid for a permanent place on the UN Security Council, as the body is reformed to include emerging powers and developing nations. -Reuters