The Export-Import Bank of the US (Exim Bank) is eager to partner with business, government and financial institutions in India because of its fast-growing economy, the official export credit agency of the US federal government said on Friday.

“The opportunities for US companies to collaborate in this ambitious effort are significant,” Exim Bank Chairman & President James H Lambright said adding that the bank could help finance India’s purchase of top-quality US goods and services, including licensing technology, for a wide range of projects. Indian Finance Minister P Chidambaram has estimated that India will need to invest $500 billion to build infrastructure throughout the country so that all Indians may benefit from the country’s dramatic economic growth, a statement issued by the bank said.

“We have found wide-ranging and strong interest among Indian financial institutions and project sponsors on a number of long-term projects across a range of sectors,” Mr Lambright said. “We are looking to partner with these Indian banks as well as other US federal agencies to expand our exposure in India on behalf of US exporters.”

Projects include airport construction, power generation, renewable energy, refining, port, railway and road construction, telecommunications, corporate aircraft and helicopters, and medium-sized corporate transactions.

Follow-up trips

Exim Bank anticipates follow-up trips to India in early 2008, as well as reverse trade missions to the US to connect Indian buyers with US companies.

Exim Bank officials have made several trips to India recently, including Mr Lambright’s recent visit, with US Treasury Secretary Henry M Paulson, to participate in the US-India CEO Forum Infrastructure Investment Conference in Mumbai.

In addition, Exim Bank staff recently visited seven cities, conducted in-depth meetings with senior government officials, private companies and financial institutions, and provided training for US government agencies and Indo-American trade groups.

Exim Bank had provided $500 million loan to Reliance Petroleum to finance its new refining facility in Jamnagar.
In last two years, it provided over $2.3 billion in financing to support export of Boeing aircraft to Air India and Jet Airways. In the current fiscal, it has authorised $12.6 billion in loans, guarantees and export credit insurance to support an estimated $16 billion of US exports.