U.S. Finance Agency DFC reaffirms commitment to partnership with India, says official"

EAM S Jaishankar with newly-appointed Secretary of State Marco Rubio (Courtesy: X | @DrSJaishankar)

The US International Development Finance Corporation (DFC) remains committed to strengthening its partnership with India, as reaffirmed during the January 21 meeting between Secretary of State Marco Rubio and Indian External Affairs Minister Subrahmanyam Jaishankar, a DFC official told Moneycontrol in a written statement.

The official further said in the statement, "The US International Development Finance Corporation (DFC) is reviewing executive orders in close coordination with the White House as it prioritises projects that counter the People’s Republic of China (PRC), including those that enhance secure supply chains, while aligning with US foreign policy and national security priorities."

The DFC is a US government agency that provides financing and support for development projects in emerging markets.

On January 22, newly-appointed US Secretary of State Marco Rubio met External Affairs Minister S Jaishankar and expressed Trump administration's desire to advance economic ties with India. 

Rubio "emphasised the Trump administration's desire to work with India to advance economic ties and address concerns related to irregular migration", State Department spokesperson Tammy Bruce said in a readout after the meeting. They discussed a wide range of topics, including regional issues and opportunities to further deepen the US-India relationship, in particular on critical and emerging technologies, defence cooperation, energy, and on advancing a free and open Indo-Pacific region," Bruce said.

Meanwhile, last year, the DFC committed a total of $1.5 billion (Rs 12,450 crore) to support energy transition, climate investment, and digital inclusion, according to a press statement by the Ministry of Commerce nd Industry.

Previously, the DFC had lent a loan of $425 million to TP Solar Limited, a wholly owned subsidiary of Tata Power Renewable Energy Limited, to finance the construction and operation of a greenfield 4 giga watt (GW) solar cell and a 4GW solar module manufacturing facility in India.