Nabard, Central Bank Of India Ink Pact For Agri-related Projects

Mumbai, December 24: | Updated: Dec 25 2002, 05:30am hrs
The National Bank for Agricultural and Rural Development (Nabard) and Central Bank of India (CBI) have entered into an agreement for co-financing agri-projects.

Nabards chairman YC Nanda and CBIs chairman and managing director Dalbir Singh signed a memorandum of understanding (MoU) on Tuesday.

The MoU is aimed at co-financing larger projects in the agro-sector and work together in the areas of financing projects for agro-processing, high-tech agriculture, export-oriental rural development and sunrise technology on mutually agreed terms and conditions.

Nabard had already signed a similar agreement with Union Bank of India and Dena Bank.

The decision to co-finance rural and agro-projects was mooted by Nabard as its operations were constrained by the lack of funds.