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PFC to collaborate with SACE to boost India-Italy cooperation

By IndianMandarins- 23 Feb 2024


New Delhi (23.02.2024): PFC 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 per cent 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. 
Parminder Chopra, CMD, PFC, said, “PFC has always been at the forefront of exploring innovative foreign currency borrowing avenues. 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.”

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