Obama announces $4 billion in India investment and lending deals

Reuters
India's Prime Minister Narendra Modi (L) leaves with U.S. President Barack Obama (C), Honeywell CEO Dave Cote (3rd R) and TATA Group Chairman Cyrus Mistry (R) 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

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)