Updated February 23rd, 2024 at 15:55 IST

PFC partners with SACE for enhanced financing facilities

Under this arrangement, PFC will benefit from an 80 per cent guarantee from SACE, with HSBC serving as the coordinating bank.

Reported by: Business Desk
PFC partners with SACE for enhanced financing facilities | Image:Pexels
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PFC partners with SACE: PFC, the state-owned NBFC, is set to collaborate with SACE, the Export Credit Agency of Italy, for a groundbreaking ECA-backed financing facility under its 'Push Strategy' initiative.

This partnership will make PFC the first government-owned entity to join hands with SACE under this programme.

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Under this arrangement, PFC will benefit from an 80 per cent guarantee from SACE, with HSBC serving as the coordinating bank, lead arranger, and facility agent for financing up to Euro 200 million.

The financing under the plan will open doors for project owners to access Italian technology and engage with Italian companies through business-matching activities.

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Parminder Chopra, CMD of PFC, emphasised the company's goal of exploring innovative foreign currency borrowing avenues. She described the deal with SACE and HSBC as unique and the first of its kind.

This alliance under SACE’s ‘Push Strategy’ is expected to strengthen business ties between India and Italy and provide access to Italian technologies for the power and infrastructure sectors.

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(with PTI inputs)

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Published February 23rd, 2024 at 15:55 IST