MoU Signed Between PFC and Ex-Im Bank of US

Power Finance Corporation Limited (PFC), a listed Navratna Public Sector Enterprise of the Government of India, is focused on Power Sector financing and integrated development of the power and associated sectors.

Export Import Bank of the United States has recently approved India Infrastructure Facility that will support U.S. exports to Indian projects in sectors such as power and renewable energy generation etc. PFC is one of the financial institutions approved under this India Infrastructure Facility with a proposed allocation of USD 800 Million. A Memorandum of Understanding in this regard has been signed by Mr. Satnam Singh, Director (Finance & Financial Operations) Power Finance Corporation and Mr. James H. Lambright, Chairman Ex-Im Bank of U.S.

The facility will be used by the borrowers of PFC for project related imports from U.S. 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.

Source: Press Information Bureau
Date: : May 15, 2008