Obama announces $4 billion in India investment and lending deals

Mon Jan 26, 2015 9:25am EST
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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.

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

(Reporting by Douglas Busvine and Krista Mahr; Editing by Frank Jack Daniel)

U.S. President Barack Obama shakes hands with India's Prime Minister Narendra Modi (L) at the conclusion of a CEO Roundtable and Forum at the India U.S. Business Summit in New Delhi January 26, 2015. REUTERS/Jim Bourg