Power Finance Corporation (PFC) has become the first Indian government-owned entity to collaborate with SACE, the Italian export credit agency. Under the Push Strategy initiative, PFC and SACE will establish an innovative ECA-backed financing facility, benefiting from an 80% guarantee from SACE.
The Goa government will facilitate the implementation of the facility by identifying and developing a pipeline of climate projects, promoting policy decisions and facilitating collaboration among stakeholders, it said.
PFCs failure to adhere to the LCR requirement was a result of inclusion of ineligible assets as High-Quality Liquid Assets (HQLA), the RBI said. The LCR, requires entities to hold adequate HQLA to meet a certain number of outflows. The HQLA is primarily made up of government securities.