Obama announces $5.3 billion in India investment and lending deals

US President Barack Obama speaks alongside Indian Prime Minister Narendra Modi (left) during the India-US Business Summit in New Delhi on Jan 26, 2015. -- PHOTO: AFP
US President Barack Obama speaks alongside Indian Prime Minister Narendra Modi (left) during the India-US Business Summit in New Delhi on Jan 26, 2015. -- PHOTO: AFP

NEW DELHI (REUTERS) - US President Barack Obama on Monday announced US$4 billion (S$5.3 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.