Food Processing Ministry wants Nabard to fund cold chain projects

Food Processing Ministry today said it wants National Bank for Agriculture and Rural Development (Nabard) to fund new cold chain projects along with mega food parks.

The National Bank of Agriculture and Rural Development (NABARD) will raise in phases over Rs 77,000 crore from market to fund around 100 prioritised irrigation projects, including 56 in drought-prone areas, under the Pradhan Mantri Krishi Sinchayee Yojana (PMKYS) over the next four years. (Website)

Food Processing Ministry today said it wants National Bank for Agriculture and Rural Development (Nabard) to fund new cold chain projects along with mega food parks.

Food Processing Secretary A K Srivastava said that Nabard so far has approved loans worth around Rs 540 crore for food parks and have also disbursed Rs 40-45 crore.

“What we are now looking for is if Nabard could also fund our new cold chain projects. Till now, they are doing only for the mega food parks and the units therein. If they could also do that (financing) for cold chain and also the processing units outside the parks, then this fund will be utilised in a faster manner,” he told reporters here.

Recognising the importance of easy access of credit, a special fund of Rs 2,000 crore has been created in Nabard in the budget of 2014-15, for extending affordable credit to entrepreneurs for setting up food processing units in designated food parks.

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Loan is extended by Nabard from the fund to various categories of promoters in food processing sector.

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