PFC partners with SACE to boost India-Italy ties

28 Feb 2024 CW Team

The Power Finance Corporation (PFC), a state-owned entity, announced that it had become the initial government firm to engage in a collaboration with SACE, an Italian export credit agency, with the aim of enhancing cooperation between the two nations. As per a statement, PFC is entering into a partnership with SACE, the export credit agency of Italy, for an innovative ECA-backed financing facility under its 'Push Strategy' initiative.

It was stated that this proposed collaboration would establish PFC as the first government-owned entity in India to join forces with SACE under this initiative. Under this arrangement, PFC is set to receive an 80 percent guarantee from SACE, with HSBC serving as a coordinating bank, lead arranger, and facility agent for the financing of up to 200 million euros.

Moreover, the anticipated financing under the 'Push Strategy' is anticipated to present project owners throughout India with an opportunity to gain access to Italian technology and engage in business-matching activities with Italian companies.

Parminder Chopra, Chairman and Managing Director of PFC, mentioned in the statement, "PFC has always been at the forefront of exploring innovative foreign currency borrowing avenues." She expressed that this unique deal involving PFC, SACE, and HSBC is the first of its kind.

She added that this strategic alliance under SACE's 'Push Strategy' would contribute to fortifying business relationships between India and Italy and facilitate access to Italian technologies for the power and infrastructure sectors.

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