Power Finance Corporation inks pact with JBIC for $220-million loan

State-owned Power Finance Corporation (PFC) on Thursday inked a loan pact for JPY 30 billion with Japan Bank for International Cooperation (JBIC).

“PFC has signed a loan agreement for JPY 30 Billion with Japan Bank for International Cooperation (JBIC) on 7th July, 2022,” the company said in a statement.

JBIC has provided this long term facility to PFC under its initiative ‘Global action for Reconciling Economic growth and Environmental preservation’ (GREEN), wherein JBIC provides financing for projects which ensure the effective reduction of greenhouse gas emissions and conservation of the global environment, it. said.

Thus, the funds under the facility would be used by PFC to finance its renewable energy portfolio.

The loan agreement was signed by RS Dhillon, CMD, PFC and Kazushige Gobe, Director General, Social Infrastructure Finance Department, JBIC. It was signed in the presence of Parminder Chopra, Director (Finance) at PFC, RR Jha, Director (Projects) at PFC and Toshihiko Kurihara, Chief Representative, JBIC New Delhi office.

RS Dhillon said this facility from JBIC would be a landmark transaction demonstrating the Quad partners’ strong unity and robust commitment to the Indo-Pacific region, while also enhancing the bilateral cooperation between Japan and India.

The facility would also help PFC in providing competitive rates for renewable power projects.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practice the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

.

Leave a Reply

Your email address will not be published.

Back to top button
DRAGONINKHOUSE