'Khobragade controversy will not affect Indo-US bilateral trade'

Assures that Khobragade row won't affect trade relations

US Exim Bank chairman and president Fred Hochberg today assured that Devyani Khobragade controversy is not going to affect bilateral trade relations between India and US.  He was in Pune to address the seminar hosted in collaboration with the Indo-American Chamber of Commerce, Pune Chapter.

"We remain very committed to Indian market. We are the two largest democracies in the world that believe in innovation and our trade and commerce  ties are extremely deep rooted. Such incidences are not going to affect our relations. India is one of the very important markets for US due to its size and potential of its economy, " said Hochberg. However, he didn't elaborate much on this issue and strongly explained bank's plans for India during his eighth visit to India.

He further said, "The US Exim Bank's financing is in the full range of transportation from aircraft to petrochemicals to power to solar energy. Currently, India has a portfolio of USD 8.1 billion, which is second only to Mexico in the entire world, and is also growing very rapidly. Also, the Indian government is keen to invest heavily into infrastructure projects over the next five years and has emphasized its commitment to clean energy. U.S. technology, products and services can help India meet its ambitious goals in these industries.  Our bank finances importers with an intent to increase jobs back home in the US, has rendered a finance of USD 350 million to solar projects in India. We provide finances to  the companies which support  job creations."

Mukesh Ambani-led Reliance Industries has secured USD 2.1 billion loan from US EXIM for its mega petrochemical project in Jamnagar. Nuclear Power Corporation of India Ltd  (NPCIL)  to source funds from EXIM Bank for nuclear power projects whose reactors will be supplied by US nuclear major Westinghouse. The bank has authorised sum of USD 2.1 billion for India in the year 2013.

The bank lending ranges from $5000 to $ 5 billion in the sectors like medical, environmental and transportation security Initiatives, aircraft finance and renewable energy.