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Barack Obama announces investment worth $4 billion in India

US President Barack Obama said that US Export-Import Bank would finance US $1 billion in exports of 'Made-in-America' products.

Douglas Busvine and Krista Mahr    New Delhi     Last Updated: January 27, 2015  | 09:30 IST
Prime Minister Narendra Modi (L) with US President Barack Obama
Prime Minister Narendra Modi (L) with US President Barack Obama at the Republic Day parade (Photo: Reuters)

US President Barack Obama on Monday announced government-backed investments and lending to the country worth US $4 billion 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 the national capital, 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 the country's underserved rural areas.

The US Trade and Development Agency for renewable energy will invest another $2 billion, the US President said in a speech.

(Reuters)

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