Leading German Bank Deutsche Bank has entered into an agreement with the National Cooperative Development Corporation [NCDC] to grant a loan of Rs 600 crore. The money will use to fund cooperatives across the country for development work. The NCDC also signed an MOU with the Indian Chamber of Commerce for industry participation in the farm and cooperative sector.
Agriculture Minister Narendra Singh Tomar said that collaboration with the German bank would go a long way in promoting farm sector innovations.
Prime Minister Narendra Modi has given a new vision to India’s agricultural landscape and its economic relations with Germany. Farmers and farmer producer organizations [FPOs] will get more accessible credit and market through Deutsche Bank and ICC agreements, he said.
Tomar said for the first time, one of the largest European banks in the world is lending to the NCDC, reflecting the confidence of the global financial institution in the Indian development finance institutions.
The development is remarkable at a time when global economic turmoil created by the covid 19 crisis has made lending a challenging proposition, Agri Minister told.
Deutsche Bank’s initiative in India is just one of the many fundamental business interests shown by German companies in India in the past few years.
More than 1700 German companies are active in India, providing approx. 400000 direct and indirect jobs. Germany is India’s largest trading partner in Europe and among India’s top ten global trade partners, said a senior agriculture ministry official.
