Obama announces USD 4 billion investments, loans to India

Last Updated 26 January 2015, 16:14 IST

US President Barack Obama today announced investments and loans worth USD 4 billion by American agencies as part of measures to bolster trade with India.

"Over the next two years our Export-Import Bank will commit up to USD 1 billion in financing made in America exports to India... And our US Trade and Development Agency will aim to leverage nearly USD 2 billion investments in renewable energy in India," he said at the India-US Business Summit here this evening.

The visiting US President also said Overseas Private Investment Corporation will "support lending" worth about USD 1 billion to small and medium businesses across India in under-served rural and urban markets.

Obama also said the two countries are moving forward to realise the true potential of economic relations.

"...there is new momentum, new energy, new hope that we can finally begin to realise the potential of our economic relationship," Obama said.

Stressing that India and the US are true global partners, he said, "We can grow and we can prosper together and establish a set of global norms in terms of how business is done that will not just benefit our two countries but people around the world".

On the second day of this three-day visit, Obama along with Prime Minister Narendra Modi also participated in the India-US CEO Forum.

(Published 26 January 2015, 16:14 IST)

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