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ADB lends $170 mn to modernise horticulture

BS Reporter  |  Mumbai 

The Asian Development Bank (ADB) is extending a $170-million multitranche financing facility for modernising the horticulture industry in Bihar and Maharashtra.

This is expected to boost earnings of farmers and other vulnerable rural groups.

ADB today approved the facility for the Agribusiness Infrastructure Development Investment Programme, which will fund physical and institutional links along the horticulture ‘integrated value chains’ — including farmers, processors, agribusiness entrepreneurs, and service providers.

The funds will be released in four tranches, with the first for a term of 25 years and an annual interest rate determined in accordance with ADB’s LIBOR-based lending facility.

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First Published: Fri, September 17 2010. 01:19 IST