Export-Import Bank

Export-Import Bank (EXIM) Boost US-India Collaboration in Renewable Energy Financing and Export Credit Expansion

America’s official export credit agency, the Export-Import Bank (EXIM) has committed to supporting India's Green Energy Sector. President and Chair of EXIM, Reta Jo Lewis said that the EXIM is collaborating with Indian and American industries to take a step towards export financing in renewable energy.

Lewis said that in 2019, the US Congress asked EXIM to look at four additional mandates including renewable energy (RE), energy efficiency and energy storage to increase funding availability in the renewable space.

According to the Financial Express, Lewis said that financing tools will help give a level playing field to American companies when they compete more against Chinese firms in emerging sectors. Especially where we see American companies competing more against China, we are using the financing tools we must help level the playing field.

Lewis said, we were asked to make financing more available for small businesses, such as the businesses in Sub-Saharan Africa, including the transformation of exports and RE. As a part of their commitment, Indian companies investing in the US and US companies in collaboration with India is helping the Indian private sectors with financing to grow and expand.

Lewis also said that there are many US and Indian companies with whom they are working and seeking partnerships with each other to let them understand what type of financing they can provide in the form of direct loans, working capital guarantees, insurance or export credit insurance. They also have a QUAD agreement, signed by India, US, Japan and Australia for the sectors including critical minerals, digital and renewables.

What is EXIM

EXIM Bank is an institution that has no size or limits when it comes to investing in crucial areas such as RE and technologies. They have strong relationships with the export credit agency, ECGC. Besides, they are also attached with the telecommunications and aviation sector in India.