PFC Partners with SACE to Strengthen India-Italy Cooperation

13 Sep, 2024

PFC Partners with SACE to Strengthen India-Italy Cooperation

Power Finance Corporation (PFC) has become the first government-owned Indian firm to partner with SACE, Italy’s export credit agency, under the ‘Push Strategy’ initiative. This collaboration introduces an ECA-backed financing facility, which provides PFC with an 80% guarantee from SACE, and HSBC will serve as the coordinating bank, lead arranger, and facility agent for the financing of up to 200 million euros.

This partnership will allow project owners across India to access Italian technology and foster collaborations with Italian businesses through targeted business-matching activities. The initiative aims to strengthen the cooperation between India and Italy, particularly in the power and infrastructure sectors.

Parminder Chopra, Chairman and Managing Director of PFC, emphasized that this unique deal is the first of its kind among PFC, SACE, and HSBC. She also highlighted how this strategic alliance will benefit India by enhancing its access to advanced Italian technologies, further deepening the business relationship between the two countries. This collaboration positions PFC as a leader in exploring innovative foreign currency borrowing avenues and securing global financial solutions.