Khobragade episode not to deter US Exim Bank to support Indian projects

Devyani Khobragade controversy is not going to affect bilateral trade relations between India and US and US Exim Bank remains very committed to Indian market, according to Fred Hochberg, Chairman and President, US Exim Bank, who was in Pune to address the seminar hosted in collaboration with the Indo-American Chamber of Commerce, Pune Chapter. US Exim Bank is funding some big ticket projects in India. For example, in December 2012, Reliance Industries secured $ 2.1 billion loan from US Exim for its mega petrochemical project in Jamnagar.
 
Hochberg said, “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.”
 
The US Exim Bank's financing is in the full range of transportation from aircraft to petrochemicals to power to solar energy. He added, "Currently, India has a portfolio of $ 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 emphasised its commitment to clean energy. US 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 $ 350 million to solar projects in India. We provide finances to the companies which support job creations.”
 
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.