OPIC to support lending to SMEs across India: Obama

The US President, Barack Obama addressing at the India-US Business Summit in New Delhi on Jan 26.

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Saurabh Gupta | 27 Jan, 2015
US President Barack Obama Monday said that the Overseas Private Investment Corporation (OPIC), the U.S. government's development finance institution, will support lending to small and medium businesses (SMEs) across India.

"OPIC will support lending to small and medium businesses across India that we anticipate will ultimately result in more than USD 1 billion in loans in underserved rural and urban markets," said US President in his address at the US-India Business Summit in New Delhi.

"And our U.S. Trade and Development Agency will aim to leverage nearly USD 2 billion in investments in renewable energy in India," he added.

OPIC mobilizes private capital to help solve critical development challenges and, in doing so, advances U.S. foreign policy. OPIC supports U.S. private investment in more than 160 developing and post-conflict countries around the world in products that produce important economic, environmental and developmental benefits.

OPIC catalyzes revenues, jobs and growth opportunities from Europe to the Middle East, as well as Africa to Asia and Latin America. Projects range from those in the renewable resources sector to food, health, tourism, infrastructure, microfinance, financial services and technology and communications.

"Today, I'm proud to announce additional steps -- a series of U.S. initiatives that will generate more than USD 4 billion in trade and investment with India and support thousands of jobs in both of our countries," Obama said earlier.

"Specifically, over the next two years, our Export-Import Bank will commit up to USD 1 billion in financing to support "Made-in-America" exports to India." added US President.