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IFC, the World Bank Group’s private funding arm, and PTC India Financial Services said they have agreed to partner for providing infrastructure financing for renewable energy projects in India.
PTC India Financial Services will become the first institution to sign IFC’s master co-operation agreement.
IFC’s master co-operation agreement was created in 2009 in response to calls for finance institutions to help meet shortfalls in private sector financing during the global financial crisis. Since then, signatories have co-invested more than $3 billion with IFC to support private sector development across the world.
“This partnership will deepen our co-operation with IFC and other development financiers. In addition to reducing costs, our clients will also have access to global best practices including IFC’s environmental and social guidelines,” said RM Malla, Managing Director and CEO, PFS.
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