NABARD, Small Farmers Consort Ink MoU for Small Farm Producers09 July 2014
INDIA - National Bank of Agriculture and Rural Development (NABARD) and Small Farmers Agribusiness Consortium (SFAC) has signed a memorandum of understanding (MoU) for implementing schemes for promotion of Producer Organisations (POs).
The MoU was signed by in the presence of Indian agriculture minister, Radha Mohan Singh that will bring the two institutions in close coordination for implementing small farmers supporting schemes.
Dr.Harsh Kumar Bhanwala, chairman, NABARD and Pravesh Sharma, MD, SFAC signed the MoU on behalf of their organisation.
The SFAC is implementing a scheme of the government of India whereby the POs are given equity support and the financing banks are given credit guarantee cover to enable formation of PO’s.
NABARD will proactively leverage the benefits of the equity grant and credit guarantee fund for FPOs set up by SFAC to ensure that finance for producer company flows smoothly. It would actively collaborate with the SFAC at national, state and district level by participating in the Food Security Mission.
To take this forward, NABARD has said that it has a fund of $8.36 million for supporting producer organisations.
TheCropSite News Desk