The Export-Import Bank of the United States has approved a US$2.2 billion Indian Infrastructure Facility that will support U.S. exports to Indian projects including power and renewable energy generation.
Power Finance Corp. Ltd. (PFC) of India is one of the financial institutions approved to participate in the facility with a proposed allocation of US$800 million. The U.S. Exim bank has worked with PFC before to finance projects including hydropower.
A memorandum of understanding was signed by PFC Director Satnam Singh and Exim bank Chairman James Lambright.
The facility is to be used by borrowers of PFC for project-related imports from the United States during the next two years. PFC said use of the special delegated line of credit is subject to approval of the Reserve Bank of India and will not require any guarantee from the India government.