REC and Bank of Baroda collaborate to fund projects related to infrastructure, electricity, and logistics

REC and Bank of Baroda collaborate to fund projects related to infrastructure, electricity, and logistics

REC and Bank of Baroda collaborate to fund projects related to infrastructure, electricity, and logistics

According to a statement from the power ministry, both organizations work to promote programs that will accelerate economic development and provide access to basic services throughout the nation by combining their resources and areas of expertise.

Over the next three years, state-owned REC Ltd and Bank of Baroda will jointly lend money for infrastructure, electricity, and logistics projects in India. According to a statement from the power ministry, both organizations work to promote programs that will accelerate economic development and provide access to basic services throughout the nation by combining their resources and areas of expertise.

The announcement said that REC and Bank of Baroda have inked a memorandum of understanding (MoU) to enable collaborative loan sanctioning for the country's infrastructure, electricity, and logistics projects over the next three years. On Wednesday, the Memorandum of Understanding was signed in the presence of Lalit Tyagi, Executive Director of Bank of Baroda, and REC Chairman as well as Managing Director Vivek Kumar Dewangan as well as CEO as well as Managing Director Debdutt Chand.

"We hope to catalyze transformative projects that will positively impact communities as well as drive socio-economic progress by exploiting the synergy between REC's capabilities in the power sector and the financial strength of Bank of Baroda," Dewangan said in the release. "We will see increased capital expenditure and private investment as well as a growing need for collaborative as well as innovative financing structures," Chand said in the statement, referring to the robust development trajectory of the Indian economy.