In the 19th century it was European colonialists who scrambled for Africa’s riches. Today it is Asia’s emerging powers who are trawling the continent for raw materials to fuel their economies.

This week, China promised African countries £6 billion in cheap loans after signing a series of multibillion-dollar deals to swap resources for infrastructure. India was not far behind.

“The whole world is out to grab Africa’s resources, not just China,” said Patrick Smith, the publisher of the fortnightly newsletter Africa-Asia Confidential.

India is keen to export its pharmaceuticals, technology and industrial hardware and to import African copper, cobalt, diamonds, gold and oil.

China’s financial muscle means it can simply outbid India when the two go head-to-head.

“It’s a rivalry, but while India has a lot of people and a fast-growing economy, the sort of cash they can put on the table just doesn’t compare to China. When the Chinese want something, they just pay over the odds and they get it,” said Mr Smith. “India is China writ small.”

Both Asian powers — like the US and others — are eager for a share of African oil to secure and diversify their energy supplies. Last year 16 per cent of China’s oil came from Angola, while 10 per cent of India’s came from Nigeria. When India bid for oil concessions in Angola, Africa’s largest oil producer, it found the market had already gone.

Chinese state companies had secured monopolies by working for years in joint ventures with Angolan government-controlled companies, and by mixing politics with business in oil-for-infrastructure deals.

By 2009, it was estimated that China had given loans worth up to $20 billion (£12 billion) to fund Angola’s post-war reconstruction, cementing a relationship that has paid off for China in millions of barrels of oil. A report in August by the Royal Institute of International Affairs (RIIA) on Asian involvement in the Nigerian and Angolan oil industries noted that “China’s deeper pockets have certainly put a brake on India’s ambitions.”

Offshore, among Africa’s Indian Ocean islands, the competition is equally strong. Delhi considers the Indian Ocean its backyard, core to its commercial growth and national security. The choice of the Seychelles and then Mauritius as the final stops on President Hu Jintao’s last two visits to Africa “caused great consternation in Delhi”, said Alex Vines, head of the Africa Programme at the RIIA. In other ways, India is taking tips from China’s Africa playbook. Mao Zedong supported Africa’s socialist liberation movements in the 1960s, and in return African states voted China on to the United Nations Security Council in 1971. India is eager for a similar quid pro quo. The impact of this growing rivalry is to put African governments in the driving seat in dealing with outside states.

“The increased competition is a good thing where you have strong, focused African governments that are going to be able to negotiate better deals,” said Mr Vines.

“The issue is where you’ve got a kleptocracy that’s just out to extract the most money for a corrupt elite — that’s not going to be too helpful for the country.”

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