PFC to get $800 mn credit from US Ex-Im Bank

New Delhi: State-owned lending major Power Finance Corporation (PFC) announced the signing of a memorandum of understanding with Ex-Im Bank of the US, under which the latter will support US exports for power projects in India, including renewable energy projects.

The US Ex-Im Bank has approved ‘India Infrastructure Facility’ through which it will provide $800 million (over Rs 3,200 crore) credit line to PFC for project-related imports from the US in the next two years.

The MoU was signed between Mr James H Lambright, Chairman, Ex-Im Bank, and Mr Satnam Singh, PFC’s Director (Finance), the company said in a filing to the BSE. The borrowing facility would be subject to the approval of RBI and would not require any guarantee from the Government.