US Considering $4 Billion Additional 'Investment Support' for India

India Finance Ministry said the agreement "would lead to enhanced investment support provided by DFC in India."

Prime Minister Narendra Modi with US President Joe Biden. Image used for representational purposes.

Source: White House Media

The United States is considering an additional $4 billion "investment support" for India as per an agreement between both countries, New Delhi said on Monday.

So far, the US International Development Finance Corporation (DFC), or rather its predecessor agencies, has provided India with $5.8 billion as support. Out of this, $2.9 billion is pending. This amount was allotted for the manufacture of COVID-19 vaccines, healthcare, renewable energy, financial inclusion, and infrastructure.

India's Ministry of Finance said the latest agreement "would lead to enhanced investment support provided by DFC in India."

"Proposals worth $4 billion are under consideration by DFC for providing investment support in India."

India's Ministry of Finance

India on Monday, 23 May, joined the Indo-Pacific Economic Framework for Prosperity (IPEF) in Japan. The IPEF was launched by United States President Joe Biden in Tokyo, with a dozen nations as initial partners.

Officials from both countries met in Tokyo where US President Joe Biden and Indian Prime Minister Narendra Modi are also holding a Quad summit on Tuesday, May 24.