Thursday, December 2, 2021

Agriculture Infrastructure Fund applications cross Rs. 8,000 crore mark

Agriculture Infrastructure Fund has crossed the eight thousand crore mark. The investment will give a boost to several agricultural projects which will unlock value for farmers across the country.

The Ministry of Agriculture and Farmers Welfare has informed that a total of eight thousand 665 applications worth eight thousand 216 crore rupees have been received for the fund. The largest share of 58 per cent has been contributed by Primary Agricultural Credit Societies followed by agri-entrepreneurs and individual farmers.

The Agriculture Infrastructure Fund has brought farmers and agri-businesses together with newer partnership models. The fund will facilitate medium and long-term debt financing facilities for investment in agricultural projects through interest subvention and credit guarantee. Under the scheme, one lakh crore rupees will be provided by banks and financial institutions as loans with interest subvention of 3 per cent per annum and credit guarantee coverage for loans up to two Crore rupees.

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