Power Finance Corporation to get $800 million credit facility from US Exim Bank
15 May 2008
Power Finance Corporation Limited (PFC) will get an $800 million credit facility from the Export Import Bank of the US (US Exim) for financing projects for integrated development of the power and associated sectors.
The credit, approved under US Exim's recently approved India Infrastructure Facility, will support US exports to Indian projects in sectors such as power and renewable energy generation etc, PFC said in filing with the Bombay Stock Exchange.
PFC has entered into a memorandum of understanding with US Exim in this regard. PFC, a listed `Navratna' public sector enterprise of the Government of India, is one of the financial institutions approved under the US Exim's India Infrastructure Facility.
The facility will be extended to borrowers of PFC for project related imports from the US during the next two years.
The use of special delegated line of credit under this facility will be subject to the approval of Reserve Bank of India and it will not require any guarantee from the Government of India.