United States (US) International Development Finance Corporation (DFC) in collaboration with United States Agency for International Development (USAID) jointly announced an 8-year sponsor programme with a credit guarantee of USD 55 million (~ Rs 400 crores) named ‘India Covid Response Programme for Agriculture Transition’ to address the economic impact of COVID-19 in India.
This initiative will offer customized financial solutions to entities interested in adopting climate-smart and green solutions.
- Objective: To improve the linkages and increase the income of farmers while having a positive environmental impact.
- Beneficiaries: Loans will be provided to Farmer Producer Organizations(FPO), agriculture- technology companies (Ag-tech), Companies engaged in Clean Energy Sectors of agriculture, women and vulnerable sections in India.
About the Programme
i.The programme will provide support to more than 200,000 small farm holders by giving them direct grants from different international foundations like the United Kingdom’s Foreign, Commonwealth and Development Office(CDO).
ii.Technical support– The Rabo Foundation is providing technical assistance in the program.
iii.Indian lenders companies- loans to farmers will be provided by Samunnati Financial, Maanaveeya, and Avanti Finance.
- The programme will also address the health and economic needs of vulnerable farmer communities severely impacted by the COVID-19 pandemic.
Recent Related News:
United States Agency for International Development (USAID) and the US International Development Finance Corporation (DFC) have partnered with Kotak Mahindra bank (KMB) for USD 50 MIllion (≅ INR 372 crore) loan Guarantee for Women Entrepreneurs and Micro, Small & Medium Enterprises (MSMEs) across India
About Rabo Foundation:
It is a corporate foundation of Rabobank. Rabobank is a global leader in food and agriculture lending.
Chief Executive Officer– Pim Mol
About USAID (United States Agency for International Development)
Established- 3 November 1961
Founder– John F. Kennedy
Headquarters– Washington, DC, United States of America
Administrator- Samantha Power