The US Export-Import (Ex-Im) Bank has pledged to provide loans up to $1 billion (£0.6bn) to support clean energy projects in India.

They will be given to power producers in India to buy equipment from the US, with a repayment period of 18 years.

Projects the funding will support include solar, wind, hydro and waste-to-energy technologies.

An agreement was signed by the US Ex-Im Bank and the Indian Renewable Energy Development Agency (IREDA).

Fred P. Hochberg, Ex-Im Bank Chairman said: “This Memorandum of Understanding will reinforce the strong ties that America and India already share, create good-paying jobs on both of our shores and further invigorate America’s clean energy industry while equipping India to meet its own ambitious energy goals.”

• Ex-Im Bank, India, Renewable energy, US