PNB teams up with IIFCL for infrastructure project financing
Punjab National Bank (PNB) and India Infrastructure Finance Company (IIFCL) entered into an agreement to provide long-term financial assistance to viable infrastructure projects. According to a joint statement, the institutions will collaborate to fund such projects through consortium/multiple lending arrangements, subject to due diligence and on a case-to-case basis.
The Memorandum of Understanding (MoU) was signed at a ceremony attended by Atul Kumar Goel, the MD & CEO of PNB, and Padmanabhan Raja Jaishankar, the MD of IIFCL.
The statement mentioned that this MOU marks a significant step in discovering new avenues for lending to the country's infrastructure projects. It was further stated that both parties pledged their full participation in this initiative.
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