Deutsche Bank to lend ₹600 crore to NCDC
April 12, 2021
Funds will be used mainly to support NCDC’s activities - AP×
Funds to be used mainly to support NCDC’s activities around Farmer Producer Organisations
Leading German lender Deutsche Bank AG will lend €68.87 million (nearly ₹600 crore) to the National Cooperative Development Corporation (NCDC), a development finance statutory institution under the Ministry of Agriculture and Farmers’ Welfare, for financing farmer co-operative initiatives in the country.
The loan agreement between Deutsche Bank and NCDC is expected to be signed on Tuesday in presence of Agriculture Minister Narendra Singh Tomar and other dignitaries.
“It is for the first time a German bank is coming forward to lend us ₹600 crore, which may seem less as compared to the ₹3,000 crore exposure we have to Sumitomo Mitsubishi Bank of Japan.