Deutsche Bank to lend Rs 600 crore to NCDC

Leading German Bank Deutsche Bank has entered into a pact with National Cooperative Development Corporation (NCDC) for granting a loan of Rs 600 crore. The money will be used to fund cooperatives across the country for development work. The NCDC also signed an MoU with Indian Chamber of Commerce (ICC) for industry participation in farm and cooperative sector.

Agriculture minister Narendra Singh Tomar, who presided over the ceremony, said that association with the German bank will go a long way in promoting farm sector innovations in the country.

“Prime Minister Narendra Modi has given a new vision to India’s agrarian landscape and its economic relations with Germany. Farmers and farmer producer organisations (FPOs) will be able to get easier credit and market through agreements with Deutsche Bank and ICC,” he said.

He said that this is for the first time that 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 institution,.

“The development is significant at a time when global economic turmoil created by the Covid-19 crisis has made lending a challenging proposition,” Tomar said.

Deutsche Bank’s initiative in India is just one of the many key business interests shown by German companies in India over the years.

“More than 1,700 German companies are active in India, providing around 4,00,000 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.

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