Obama announces $4 billion in India investment and lending deals

Reuters
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

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)