Hyderabad: Punjab National Bank (PNB) and India Infrastructure Finance Company Limited (IIFCL), a wholly-owned Government of India company set up in 2006 to provide long-term financial assistance to viable infrastructure projects, have signed a Memorandum of Understanding at PNB Corporate Office in New Delhi. With this step, both the institutions will collaborate to fund the infrastructure projects wherein the parties can mutually participate under consortium/multiple lending arrangement to provide financial support to the prospective borrowers subject to due diligence and on case-to-case basis.

Atul Kumar Goel, MD & CEO of the bank, and Dr Padmanabhan Raja Jaishankar, MD of IIFCL participated in the MoU signing ceremony. The occasion was graced by all Executive Directors of the bank, along with senior executives from both the bank and IIFCL.

This MoU shall be a milestone in finding new avenues of lending to the infrastructure projects of the country and they assured full participation from both sides in this endeavour.