Modi, Obama welcome work on nuclear reactors in India

India and the U.S. Export-Import Bank intend to work together toward a competitive financing package.

June 07, 2016 10:21 pm | Updated December 04, 2021 10:56 pm IST - WASHINGTON

U.S. President Barack Obama and Indian Prime Minister Narendra Modi on Tuesday welcomed the start of preparatory work on six nuclear reactors in India, a key step in closing the first deal stemming from a U.S.-India civil nuclear accord struck over a decade ago.

The two leaders said in a joint statement that India and the U.S. Export-Import Bank intend to work together toward a competitive financing package for the project and will work to finalize contractual agreements by June 2017.

“Once completed, the project would be among the largest of its kind, fulfilling the promise of the U.S.-India civil nuclear agreement and demonstrating a shared commitment to meet India's growing energy needs while reducing reliance on fossil fuels," the joint statement said.

Mr. Obama said he and Mr. Modi discussed how to ensure a worldwide agreement forged in Paris to curb climate change could be enacted swiftly.

“We discussed how we can, as quickly as possible, bring the Paris agreement into force,” Mr. Obama told reporters .

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