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 $353m 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 Hochberg.
India ranks as the second-largest destination for U.S. exports supported by Ex-Im Bank financing, and claims more than $7.2bn of the Bank’s credit exposure through FY 2014. Over the last five years, Ex-Im Bank has authorized an average of $1.4bn per year to finance U.S. exports to India.
The Export-Import Bank is an independent federal agency that fills 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.
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