WASHINGTON--(BUSINESS WIRE)--The U.S.-India Business Council (USIBC) today announced the appointment of Diane G. Farrell as Executive Vice President, overseeing business advocacy and membership service in the important areas of Financial Services, Real Estate, and Infrastructure Development. Ms. Farrell joined the USIBC in this senior capacity effective July 26.
“We are delighted to have the benefit of Ms. Farrell’s experience and insight as we strengthen the United States’ economic relationship with India,” said Harold McGraw III, Chairman, President and CEO of The McGraw Hill Companies and Chairman of the U.S.-India Business Council. “Her rich background in infrastructure, financial services, and real estate will serve our members and our country well.”
Ms. Farrell recently completed her term as Director on the Board of Directors of the Export Import Bank of the United States, a position she held since August 2007. During her tenure at the U.S. EX-IM Bank, Ms. Farrell tirelessly promoted India as a primary market for U.S. goods and services. The U.S. EX-IM Bank’s project portfolio for India is now second only to Mexico in terms of total exposure.
The U.S. EX-IM Bank recently made available a $917 million export finance guarantee to support U.S. exports to the Sasan Power Project located in Madhya Pradesh. A $400 million long-term loan guarantee to support exports of U.S. equipment and services to Reliance Industries Limited was executed during Ms. Farrell’s tenure at U.S. EX-IM Bank.
The U.S. EX-IM Bank authorized direct loans of more than $50 million for two 10 megawatt solar power projects being developed using American technology and services in Rajasthan and Gujarat. Working with her professional colleagues at the U.S. EX-IM Bank, Ms. Farrell has approved over $5.8 billion in transactions from 2007 through April 2011 for projects located in India – in the sectors of Aviation, Telecom, Oil & Gas, Mining Equipment, Medical, IT Services, and Energy, including solar power.
“Recognizing the linkage between economic growth and the successful build-out of the $1 trillion-worth of infrastructure projects in India needed in the coming years, and keeping in mind the imperative to simultaneously develop the soft infrastructure of new and robust capital markets capable of funding India’s vast infrastructure requirements, USIBC could not have brought onboard to its leadership team a more capable professional and friend of India than Diane Farrell,” said Ron Somers, President of USIBC. “I am delighted Diane has joined the USIBC team.”
Prior to her work at U.S. EX-IM Bank, Ms. Farrell served as the First Selectwoman of Westport, Connecticut. During that time she initiated and supported the construction of numerous infrastructure improvements including schools, waste water treatment and other municipal facilities. She also served as the chairwoman of a federally mandated regional metropolitan planning organization.
Ms. Farrell is married to Karr Winslow Farrell and has two grown daughters.
The U.S.-India Business Council (USIBC) was formed in 1975 at the request of the United States and Indian governments to advance two-way trade and deepen commercial ties. Today, USIBC is the premier business advocacy association comprised of nearly 400 of America’s and India’s top companies dedicated to greater two-way investment and a more robust trading relationship. Harold McGraw III, Chairman, President, and CEO of The McGraw Hill Companies serves as chairman of USIBC.