India’s Ministry of Power-owned financial institution, Power Finance Corp (PFC) has signed a loan agreement with the Japan Bank for International Cooperation (JBIC). Through this loan agreement, Power Finance Corp will seek ¥30 billion as loan amount from JBIC.
As part of its “Global Action to Reconcile Economic Growth and Environmental Conservation” (“GREEN”) initiative, the Japan Bank for International Cooperation (JBIC) has provided Power Finance Corporation (PFC) with long-term assistance. Through this initiative, JBIC funds efforts that guarantee the effective reduction of greenhouse gas emissions and the preservation of the global environment. As a result, PFC would fund its renewable energy portfolio with the sum provided by the facility.
The ¥30 billion loan agreement was signed in the presence of Parminder Chopra, Director (Finance), PFC, RR Jha, Director (Projects), PFC, RS Dhillon, CMD, PFC, Kazushige Gobe, Managing Director, Social Infrastructure Finance Department, JBIC and Toshihiko Kurihara, Chief Representative, JBIC New Delhi Office.
RS Dhillon, CMD, PFC said during the event, “This facility from JBIC would be a good deal that would demonstrate the strong unity and firm commitment of Quad Partners to the Indo-Pacific region as well as strengthening bilateral ties between Japan and India. This facility would help PFC offer reasonable rates for projects involving renewable energy.”
Recently, Power Finance Corp (PFC) was awarded the prestigious ICAI (Institute of Chartered Accountants of India) Silver Award for Excellence in Financial Reporting for the financial year 2020-21. in the category ‘Subjects in the public sector’.