Obama announces US$4b in India investment and lending deals

[NEW DELHI] US President Barack Obama on Monday announced US$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, Mr Obama said that US Export-Import Bank would finance US$1 billion in exports of 'Made-in-America' products.

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

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

REUTERS