NABARD sanctions `347 cr to APCOB

Guntur: National Bank for Agriculture and Rural Development (Nabard) has sanctioned Rs 310 crore loan to Andhra Pradesh State Cooperative Bank (Apcob) to support 347 Primary Agriculture Cooperative Societies (PACS) in state for the construction of rural godowns, silos, establishment of custom hiring centres, setting up of RO drinking water plants and for purchase combined harvesters under Agriculture Infrastructure Fund.

Finance secretary K Sunita handed over loan sanctioning letter to Apcob managing director Dr R Srinath Reddy at a stakeholders meeting held at Nabard regional office in Vijayawada on Monday.

The objective of the fund is to build community farming assets and post-harvest agriculture infrastructure to enable the farmers to get better value for their produce as they will be able to store and sell at higher prices, reduce wastage and to go for value addition.

The projects supported under the fund are eligible for availing interest subvention benefit of 3 per cent per annum up to Rs 2 crore loans for a period of 7 years and credit guarantee coverage under Credit Guarantee Fund Trust for Micro and Small enterprises scheme for loans up to Rs 2 crore.

Agriculture commissioner H Arun Kumar, Union Bank of India general manager Brahmmananda Reddy, Nabard chief general manager for AP J SudhIR Kumar, were among those participated.