NABARD, NaBFID sign MoU for funding rural infrastructure projects

The National Bank for Agriculture and Rural Development and the National Bank for Financing Infrastructure and Development have signed an initial pact to strengthen collaboration in financing infrastructure projects with significant rural impactThe Memorandum of Understanding MoU provides a framework for joint financing knowledge sharing and the development of innovative financing solutions with a focus on expanding access to longterm competitively priced finance for projects that can strengthen rural infrastructure and value chains a joint statement said on ThursdayThe MoU signed by NABARD National Bank for Agriculture and Rural Development Chairman Shaji Krishnan V and NaBFID National Bank for Financing Infrastructure and Development Managing Director Rajkiran Rai G seeks to cover Public Private Partnership PPP projects and agrivalue chains as well as infrastructure with strong rural linkagesKey areas include water and sanitation irrigation postharvest storage and coldchain facilities terminal markets rural roads and bridges warehousing and compressed biogas it said adding these areas are critical to building resilient and futureready rural infrastructure in line with the vision of Viksit BharatThis collaboration can help bridge the ruralurban divide and advance rural prosperity which remains an important national priority This MoU is a good starting point and we look forward to working together towards that larger goal NABARD Chairman Shaji Krishnan V saidSpeaking on the partnership NaBFID Managing Director Rajkiran Rai G said this partnership reflects the natural synergy between the two institutionsThere is a real opportunity to design commercially viable bankable projects in areas such as food processing storage and coldchain connectivity and in doing so contribute meaningfully to raising farmer incomes and strengthening Indias rural economy he addedThe partnership aims to facilitate greater availability of longterm finance for rural infrastructure and allied value chains supporting commercially viable projects improving connectivity and market access and contributing to higher rural incomes it saidBy combining their respective strengths NABARD and NaBFID aim to support sustainable rural development and contribute to narrowing the ruralurban divide it addedThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever