1,700 German companies active in India, says Ministry
Germany’s Deutsche Bank has signed a loan agreement to lend Euro68.87 million (Rs.600 crore) to the National Cooperative Development Corporation (NCDC) for onward lending to cooperatives, especially the Farmer Producer Organizations being set up in the country.
The loan agreement was inked between the German Bank and NCDC in New Delhi on 13 April 2021.
The Farmer Producer Organizations being set up in the country would be able to access easier credit and market through the NCDC agreements with ICC and Deutsche Bank, this will help small and marginal farmers, Agriculture Minister Narendra Singh Tomar said on witnessing the agreement signing.
The Minister also presided over signing of an agreement between the Indian Chamber of Commerce and NCDC to boost farmers linkages with markets.
This is for the first time that one of the largest European banks in the world is lending to the NCDC, thus reflecting the confidence of the global financial institution in the Indian development finance institution, particularly at a time when global economic turmoil created by the COVID-19 crisis has made lending a challenging proposition.
Deutsche Bank’s initiative in India is just one of the many key business interests shown by German companies in India over the years. Today, more than 1,700 German companies are active in India. Germany is India’s largest trading partner in Europe and among India’s top 10 global trade partners, Ministry of Agriculture & Farmers Welfare said in a release.
Set up in 1963, the NCDC is a development finance statutory institution under the Ministry of Agriculture and Farmers Welfare. With zero net NPA, NCDC has Pan India presence with its 18 regional directorates catering to all the States. #banking #loans #investment #manufacturing /fiinews.com
