India is hoping to triple its trade with Africa over the next five years to $100-billion, according to reports, as the emerging economy attempts to catch up with rival China.

The government plans to double credit lines to $5.4-billion over five years in addition to providing $500-million for projects from its "Aid to Africa" budget, according to Pranab Mukherjee, India's External Affairs minister said during an India-Africa business summit.

In spite of the current financial crisis, India has said it is continuing with a swathe of projects in agriculture, small industry, mining, Information and Communication Technology (ICT), oil pipelines, chemicals and power generation.

"We share an excellent relationship with Africa. The economic slowdown will not affect trade and we will withstand the financial crisis," said Anand Sharma, India's junior foreign minister, according to a report on Reuters.