IFC, the World Bank Group’s private funding arm, and PTC India Financial Services said on Tuesday they have agreed to partner for providing infrastructure financing for renewable energy projects in India.

PTC Financial Services will become the first institution in India to sign IFC’s master cooperation agreement.

IFC’s master cooperation agreement was created in 2009 in response to calls from finance institutions to collaborate more closely to help meet the 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 cooperation with IFC and other development financiers in areas such as renewable energy. In addition to reducing costs, our clients will also have access to global best practices, including IFC’s environmental and social guidelines,” said R M Malla, Managing Director and CEO, PFS.

“IFC and PFS can work more efficiently with Indian companies to spur private sector development by providing long-term risk capital where it is needed most,” Hyun-Chan Cho, IFC’s Head of Infrastructure and Natural Resources – Asia Pacific, added.

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