Exim Bank of US to extend loans to students aspiring to study in US

Chennai:

Now Indian students seeking loan to pursue their higher studies in United States has something to cheer about as the Export Import Bank of The United States (US Exim Bank) has come forward to offer education loans.

Speaking to reporters during a dinner meeting organized by Confederation of Indian Industry here on Wednesday, Fred P Hochberg, chairman and president of Export Import Bank of United States said that the bank is interested in extending education loans to students planning to study in the US.

He said overseas students coming to the US to study would create jobs there in the education sector and is a sort of services export.

Hochberg, who is one of the highest ranking business leaders in Obama administration, also said the bank has $2 billion worth of funding proposals in the pipeline in India and has exposure worth $ 7 billion in the country, which is next to Mexico.

To a query on the bank nearing its $100 billion exposure cap, Hochberg said steps are being taken to increase the exposure cap to $140 billion and added the Congress and the Senate is too slow to give its approval.

This is Hochberg’s first trip to Chennai and he is on a three day visit to India starting Wednesday.

TT Ashok, chairman of Confederation of Indian Industry Southern Region said India is the 12^th largest goods trading partner of United States with bilateral trade in goods totaling $38.7 billion.