FOR IMMEDIATE RELEASE December 20, 2007
Marianna Ohe (202) 565-3200
WASHINGTON, D.C. -- The Export-Import Bank of the United States (Ex-Im Bank) is eager to partner with business, government and financial institutions in India as that fast-growing economy carries out plans to invest more than $500 billion in infrastructure development by 2012.
The opportunities for U.S. companies to collaborate in this ambitious effort are significant, Ex-Im Bank Chairman and President James H. Lambright said.
Ex-Im Bank can help finance India's purchase of top-quality U.S. goods and services, including licensing technology, for a wide range of projects, Lambright said. Projects include airport construction; power generation; renewable energy; refining; port, railway and road construction; telecommunications; corporate aircraft and helicopters; and medium-sized corporate transactions.
Indian Finance Minister Palaniappan Chidambaram has estimated that India will need to invest $500 billion to build infrastructure throughout the country so that all Indians may benefit from the country's dramatic economic growth.
Ex-Im Bank officials have made several trips to India recently, including Lambright's visit Oct. 28-Nov. 3 to participate with U.S. Treasury Secretary Henry M. Paulson in the US-India CEO Forum Infrastructure Investment Conference in Mumbai.
In addition, Ex-Im Bank staff recently visited seven cities, conducted in-depth meetings with senior government officials, private companies and financial institutions, and provided training for U.S. government agencies and Indo-American trade groups.
We have found wide-ranging and strong interest among Indian financial institutions and project sponsors on a number of long-term projects across a range of sectors, Lambright said. We are looking to partner with these Indian banks as well as other U.S. federal agencies to expand our exposure in India on behalf of U.S. exporters.
Ex-Im Bank anticipates follow-up trips to India in early 2008, as well as reverse trade missions to the U.S. to connect Indian buyers with U.S. companies.
Earlier this year Ex-Im Bank supported a $500 million loan to Reliance Petroleum, Ltd., to help finance the development of a new refining facility in Jamnagar. During the past two years, it also provided over $2.3 billion in financing to support the export of Boeing aircraft to Air India and Jet Airways.
Ex-Im Bank is in its 73rd year of helping finance the sale of U.S. exports, primarily to emerging markets throughout the world. In fiscal year 2007, Ex-Im Bank authorized $12.6 billion in loans, guarantees and export credit insurance to support an estimated $16 billion of U.S. exports. For more information on Ex-Im Bank, visit www.exim.gov.