A memorandum of understanding has been signed by Satnam Singh, Director (Finance & Financial Operations), Power Finance Corporation, and James H. Lambright, Chairman Ex-Im Bank of USA, for the facility of availing special delegated line of credit to be used by the borrowers of PFC for project related imports from USA during the next two years. The use of the facility will be subject to the approval of Reserve Bank of India and it will not require any guarantee from the Government of India.
Export Import Bank of the United States has recently approved India Infrastructure Facility that will support US exports to Indian projects in sectors such as power and renewable energy generation etc. PFC is one of the financial institutions approved under this India Infrastructure Facility with a proposed allocation of $800 million.