U.S. considering $4 billion additional support for India

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New Delhi (Reuters) – The United States is considering “investment support” of $4 billion for India on top of billions of dollars extended earlier, New Delhi said on Monday after the two sides signed an agreement to keep such money flowing.

The U.S. International Development Finance Corporation (DFC) or its predecessor agencies have so far provided India with $5.8 billion, of which $2.9 billion is outstanding, for COVID-19 vaccine manufacturing, healthcare, renewable energy, financial inclusion and infrastructure.

“Proposals worth $4 billion are under consideration by DFC for providing investment support in India,” India’s Ministry of Finance said as officials from the two countries met in Tokyo where their leaders will hold a summit on Tuesday.

The ministry said the latest agreement “would lead to enhanced investment support provided by DFC in India”.

On Monday, U.S. President Joe Biden and Indian Prime Minister Narendra Modi were among government heads from 13 countries who jointly launched a partnership called the Indo-Pacific Economic Framework for Prosperity.