Africa has become the second-largest recipient of credit from India as the country tries to catch up with China in expanding its influence in the resource-rich continent.
Forty-two African nations received about $32 billion or 38% of all credit extended by India in the last decade just a few Percentage points below its neighbors, Harsha Bangari, the managing director ofIndias Export Import Bank saidin an interview.
The bank is an instrument of Indias economic diplomacy, Bangari said, adding that the South Asian nation has also opened up 195 project-based lines of credit worth about $12 billion across Africa, three times the number it has in its own region in the last decade.