The U.S International Development Finance Corporation (DFC) announced two projects expanding its sustained commitment to investing in India’s private sector and deepening the economic ties between the two countries.

DFC CEO Scott Nathan formalised investment in support of the manufacturing and deployment of Genus Power Infrastructures’ smart meters in the form of a US$49.5 million loan. The funds will support the expansion of the company’s work to improve the reliability of power distribution and advance the clean energy transition.

Nathan also signed a letter of intent to consider a $50 million loan application from GeneSys Biologics. The investment would help increase the production of insulin biosimilars providing greater availability and affordability of critical diabetes treatments in India and beyond.

According to a release, the two projects build on DFC’s significant commitments to India’s private sector in priority sectors where there is enduring demand for high-quality, impactful projects.

“The economic relationship between the United States and India is at the heart of the strong ties between our two countries. As we explore additional commitments in GeneSys Biologics, Genus, and other Indian companies, we build on a strong investment base that has driven real developmental impact and advanced the relationship between India and the United States,” said Nathan.