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US keen to invest in India’s infra, port, solar sector development: OPIC

solar project

The US government’s development finance institution OPIC is keen to invest in the development of India’s infrastructure, port and solar energy sectors, a top US official said Tuesday.

Overseas Private Investment Corporation (OPIC) Executive Vice-President David Bohigian, who is visiting India, further said that India is a clearly the anchor of US government’s Indo-Pacific strategy.

OPIC is a self-sustaining US government agency that helps American businesses invest in emerging markets.

“We are looking across all sectors (of India for investment) including infrastructure development, port development and solar energy sector, not just in venture capital,” Bohigian said in an interaction with reporters.

He, however, added that OPIC does not have any numerical target for investments in India, and the development finance institution is looking at the merits of the projects in India.

“We are proud to announce our investments in Iron Pillar, a mid-stage India-focused venture capital fund,” Bohigian said.

He also noted that when countries take development finance from any source, then the policymakers must ensure sovereignty of the host country, rights and transparency in project funding.

Bohigian said the OPIC has $23 billion portfolios across 90 countries in the world in every sector from small, medium size ventures up to major infrastructure projects.

In India, it has around 40 projects with total investments valued at $1.5 billion, he added.

Source: PTI