Latest News | PFC Inks Loan Pact with JBIC for JPY 30 Bn

New Delhi, Jul 7 (PTI) State-owned Power Finance Corporation (PFC) on Thursday inked a loan pact for JPY 30 billion with Japan Bank for International Cooperation (JBIC).

"PFC has signed a loan agreement for JPY 30 Billion with Japan Bank for International Cooperation (JBIC) on 7th July, 2022," the company said in a statement.

Also Read | Sennheiser Launches IE 600 Wired Earphones at Rs 59,990.

JBIC has provided this long term facility to PFC under its initiative 'Global action for Reconciling Economic growth and Environmental preservation' (GREEN), wherein JBIC provides financing for projects which ensure the effective reduction of greenhouse gas emissions and conservation of the global environment, it said.

Thus, the funds under the facility would be used by PFC to finance its renewable energy portfolio.

Also Read | Redmi K50i 5G India Price Tipped Online Ahead of Its Launch: Report.

The loan agreement was signed by R S Dhillon, CMD, PFC and Kazushige Gobe, Director General, Social Infrastructure Finance Department, JBIC. It was signed in the presence of Parminder Chopra, Director (Finance) at PFC, R R Jha, Director (Projects) at PFC and Toshihiko Kurihara, Chief Representative, JBIC New Delhi office.

R S Dhillon said this facility from JBIC would be a landmark transaction demonstrating the Quad partners' strong unity and robust commitment to the Indo-Pacific region, while also enhancing the bilateral cooperation between Japan and India.

The facility would also help PFC in providing competitive rates for renewable power projects.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)