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Obama announces $4 billion in India investment and lending deals

Published 01/26/2015, 09:22 AM
Updated 01/26/2015, 09:30 AM
© Reuters. U.S. President Obama shakes hands with India's PM Modi at the conclusion of a CEO Roundtable and Forum at the India U.S. Business Summit in New Delhi

© Reuters. U.S. President Obama shakes hands with India's PM Modi at the conclusion of a CEO Roundtable and Forum at the India U.S. Business Summit in New Delhi

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.

© Reuters. U.S. President Obama shakes hands with India's PM Modi at the conclusion of a CEO Roundtable and Forum at the India U.S. Business Summit in New Delhi

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

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