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US keen to invest in India's infra, port, solar sector development: OPIC

Press Trust of India  |  New Delhi 

The US government's institution OPIC is keen to invest in the development of India's infrastructure, port and solar energy sectors, a top US said Tuesday.

(OPIC) David Bohigian, who is visiting India, further said that is a clearly the anchor of the US government's strategy.

OPIC is a self-sustaining agency that helps American businesses invest in emerging markets.

"We are looking across all sectors (of for investment) including infrastructure development, port development and solar energy sector, not just in venture capital," Bohigian said in an interaction with reporters.

He, however, added that OPIC does not have any numerical target for investments in India, and the institution is looking at the merits of the projects in

"We are proud to announce our investments in Iron Pillar, a mid-stage India-focused fund," Bohigian said.

He also noted that when countries take development from any source, then the policy makers must ensure sovereignty of the host country, environmental rights and transparency in project funding.

Bohigian said India has a key role to play in the US government's strategy.

"What I think is amazing is that across the Indo-Pacific, the US businesses last year put in almost USD 1 trillion of investments...I think that's important, not just state-directed investment but also catalysing the private investments something that the does," he observed.

Bohigian said the OPIC has USD 23 billion portfolios across 90 countries in the world in every sector from small, medium size ventures up to major infrastructure projects.

In India, it has around 40 projects with total investments valued at USD 1.5 billion, he added.

He also pointed out that with the US Senate recently passing the Better Utilization of Investment Leading to Development, or BUILD Act, the funds available at OPIC's disposal for investments will rise to USD 60 billion from USD 23 billion, giving it additional financing capabilities.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, October 09 2018. 21:45 IST