PFC to be the First Govt Company to collaborate with Italy's Export Credit Agency, SACE

by Psu Connect
Date: 23-02-24

Through this structure, PFC shall benefit from an 80% guarantee from SACE, with HSBC acting as a coordinating bank, lead arranger and facility agent for the financing of up to Euro 200 million.

PFC to be the First Govt Company to collaborate with Italy's Export Credit Agency, SACE

New Delhi: PFC, a Maharatna company and the largest NBFC in India, is partnering with SACE, the Export Credit Agency of Italy, for an innovative ECA-backed financing facility under its "Push Strategy" initiative. This proposed partnership will position PFC as the first government-owned entity in India to partner with SACE under this programme.

Through this structure, PFC shall benefit from an 80% guarantee from SACE, with HSBC acting as a coordinating bank, lead arranger and facility agent for the financing of up to Euro 200 million.

Further, the envisaged financing under the “Push Strategy” will provide project owners across India an opportunity to access Italian technology and collaborate with Italian companies through business-matching activities.

Ms. Parminder Chopra, CMD, PFC, highlighted that, “PFC has always been at the forefront of exploring innovative foreign currency borrowing avenues. She shared that this unique deal among PFC, SACE, and HSBC is the first of its kind. This strategic alliance under SACE’s ‘Push Strategy’ will help strengthen Indo-Italian business relationships and provide access to Italian technologies for the power and infrastructure sectors.”