Obama announces $4 billion in India investment and lending deals

Reuters News
|
Posted: Jan 26, 2015 9:21 AM

NEW DELHI (Reuters) - U.S. President Barack Obama on Monday announced $4 billion in government-backed investments and lending to India, as he sought to scale up a trade relationship he said was "defined by so much untapped potential".

At a CEO summit hosted by Prime Minister Narendra Modi in New Delhi, Obama said that U.S. Export-Import Bank would finance $1 billion in exports of 'Made-in-America' products.

The Overseas Private Investment Corporation will lend $1 billion to small- and medium-sized enterprises in underserved rural areas of India.

Another $2 billion will be committed by the U.S. Trade and Development Agency for renewable energy, Obama said in a speech.

(Reporting by Douglas Busvine and Krista Mahr; Editing by Frank Jack Daniel)