Japan’s JBIC to lend JPY 2.65 billion to Power Finance Corp

JBIC has proposed to finance some of PFC’s projects which ensure the effective reduction of greenhouse gas emissions and conservation of the global environment

Livemint
First Published22 Mar 2023
Shares of PFC on the BSE closed at  <span class='webrupee'>₹</span>154.05, lower by 0.06% from its previous close.
Shares of PFC on the BSE closed at ₹154.05, lower by 0.06% from its previous close.

State-run Power Finance Corporation (PFC) has signed a project loan agreement (PLA) for JPY (Japanese yen) 2.65 billion or about 165 crore with Japan Bank for International Cooperation (JBIC).

Under this facility, JBIC has proposed to finance some of PFC’s projects which ensure the effective reduction of greenhouse gas emissions and conservation of the global environment, said a statement from PFC.

The agreement was executed under general agreement signed between PFC and JBIC for JPY 30 billion.

The project loan agreement was signed at JBIC Head Quarters Tokyo, Japan by R.S. Dhillon, CMD,PFC and Uchida Makoto, Managing Executive Officer, JBIC in the presence of Parminder Chopra, Director(Finance), PFC, Sandeep Kumar, Executive Director (Finance), PFC, GOBE Kazushige, Director General, JBIC and other senior officials of PFC are JBIC.

The development comes at a time when PFC is focusing on energy transition in line with India net zero ambitions. The union power ministry has also moved a proposal for granting the status of development financial institution (DFI) to PFC.

The move is aimed at enabling PFC to steer global climate funding and net zero investment in the country.

Shares of PFC on the BSE closed at 154.05, lower by 0.06% from its previous close.

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