India, China boost Africa's growth: World Bank

Increasing trade and investment from Asian countries, especially India and China, is fuelling Africa's economic growth, a new World Bank study has said.

According to the study, "Africa's Silk Road: China and India's New Economic Frontier," 27% of African exports are sold in Asia, up from 14% in 2000 or three times the amount in 1990.

Europe, Africa's leading trade partner since the early independence days, has lost ground with a 50% fall between 2000 and 2005 in the share of African exports to European Union members, Xinhua news agency reported, quoting the study.

The study finds that existing Chinese and Indian investment in Africa is concentrated on raw materials, notably in the mining and oil sectors.

China and India's foreign direct investments in Africa, although more modest than trade flows, are also growing very rapidly, the study says, drawing parallels with the Silk Road used by traders from 100 B.C.