Thaindian News

Chennai, Jan 4 (IANS) The US Export Import Bank has funding proposals of $2 billion from Indian companies and is willing to extend education loans to Indian students to pursue higher studies in the US, a top official said.

Speaking to reporters here Fed P. Hochberg, chairman and president said: “We have received $2 billion worth of funding proposals in the pipeline in India. Our total exposure in India is around $7 billion.”

He said the bank’s mandate is to promote exports — manufacturing and services — out of the US to other countries and in the process create jobs in America.

Hochberg is on a three day visit to India starting Wednesday and officials from several leading industrial groups based here.

He said the bank is also interested in extending education loans to students planning to study in the US.

“The bank will have to work with an agency in the country and would not lend on its own,” Hochberg said.

According to him, overseas students coming to the US to study would create jobs there in the education sector and is sort of services export.

Declaring that the bank is not experiencing any major loan default from Indian borrowers Hochberg said the top five sectors for the bank in India are: aircraft, power projects, manufacturing and capital equipment, mining (oil and gas) and information communication.

Queried about the bank nearing its $100 billion exposure cap Hochberg said steps are being taken to increase the exposure cap to $140 billion.