India Increase African Footprint India does not have the financial muscle of China, but with its

economy expanding so rapidly (there are predictions that Indias economy will outgrow Chinas by 2014), Africa represents both a source of raw materials for its industry, while also providing a market for its products. The World Bank estimates that Indian infrastructure deals in Africa have averaged $500 million per year between 2003 and 2007. The majority of Indian financing for projects in Africa is channelled through the India Exim Bank, which extends lines of credit (LOCs) to African governments or regional institutions, many of which are intended for direct infrastructure projects. As of 1 September 2010, almost two-thirds of India Exim Banks total operative LOCs were in Africa, amounting to a sizeable $2.8 billion. Half of these LOCs to Africa had a direct infrastructure focus, observed Freemantle and Stevens. While the majority of the LOCs fall within the $10 million to $50 million range sizeable commitments to countries such as Sudan and the ECOWAS Bank for Investment and Development (EBID) act as an indication of the strategic significance of support for the Indian government, particularly in African countries rich in natural resources. Some of the Indian private companies that have developed deep interests in Africa include, Larsen & Toubro, India's largest engineering, construction and cement conglomerate which has several project running in Tanzania, Mozambique, Sudan, Mauritius and South Africa. Then there is the Hindustan Construction Company (HCC) Infrastructure Ltd which is engaged in projects that include roads, bridges, ports, airports and power. HCC mainly operates according to public-private partnerships and has a project running in Egypt while casting an eye over the rest of Africa. Patel Engineering has been mainly involved in projects funded by governments and institutions such as the World Bank. Projects are concentrated to India. In Africa, it has worked in Eritrea and Mauritius. Another conglomerate, Punj Lloyd specialises in laying offshore pipelines. The company has a regional office in Libya, after securing pipeline projects from Sirte Oil Company. Subhash Projects and Marketing, a leading infrastructure development group has undertaken some water-related projects in Africa most notably in South Africa, Swaziland and Tanzania.