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.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.