Ex-Im Bank Chairman Hochberg Signs $1 Billion Memorandum of Understanding to Support U.S. Clean Energy Exports to India
Washington, D.C. - Today, Export-Import Bank of the United States (Ex-Im Bank) Chairman Fred P. Hochberg signed a Memorandum of Understanding with Chairman K.S. Popli of the Indian Renewable Energy Development Agency (IREDA) that will explore options for utilizing up to $1 billion to finance the sale of U.S. clean energy exports to India.
Chairman Hochberg is visiting India this week to promote made-in-America exports in support of U.S. jobs.
The availability of Ex-Im Bank financing could translate into support for skilled jobs in the U.S. renewable energy sector while contributing to the Indian government's recently-announced goal of providing 24-hour electricity to India's 1.3 billion citizens by 2019, much of it set to come from renewable sources. In fact, Ex-Im Bank has authorized $353.4 million for U.S. renewable energy exports to India since 2009, and Ex-Im Bank was one of the top financiers of projects under the National Solar Mission Phase 1.
When quality, reliable U.S. goods and services are brought to bear in high-demand markets like India, the benefits are felt in both of our countries, said Chairman Hochberg. This Memorandum of Understanding will reinforce the strong ties that America and India already share, create good-paying jobs on both of our shores, and further invigorate America's clean energy industry while equipping India to meet its own ambitious energy goals.
After signing the Memorandum, Chairman Hochberg travelled to Noida, India to attend and give remarks at the India-US Technology Summit. During his remarks, Chairman Hochberg highlighted the renewable energy MOU as evidence of the mutual benefits that can be realized by choosing quality U.S. goods.
India ranks as the second-largest destination for U.S. exports supported by Ex-Im Bank financing, and claims more than $7.2 billion of the Bank's credit exposure through FY 2014. Over the last five years, Ex-Im Bank has authorized an average of $1.4 billion per year to finance U.S. exports to India.
ABOUT EX-IM BANK:
Ex-Im Bank is an independent federal agency that supports and maintains U.S. jobs by filling gaps in private export financing at no cost to American taxpayers. The Bank provides a variety of financing mechanisms, including working capital guarantees and export credit insurance, to promote the sale of U.S. goods and services abroad. Ninety percent of its transactions directly serve American small businesses.
In fiscal year 2014, Ex-Im Bank approved $20.5 billion in total authorizations. These authorizations supported an estimated $27.5 billion in U.S. export sales, as well as approximately 164,000 American jobs in communities across the country.
Small business exporters can learn about how Ex-Im Bank products can empower them to increase foreign sales by clicking here. For more information about Ex-Im, visit www.exim.gov.