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National Cooperative Development Corporation Secures Euro 68.87 Million (Rs. 600 cr) Loan from Deustsche Bank

Newdelhi:13/4/21:The National Cooperative Development Corporation (NCDC) has secured Euro 68.87 million (Rs 600 cr) loan from Deutsche Bank, Germany’s largest bank, for onward lending to cooperatives in the country. An agreement was inked between NCDC and the German Bank in this regard in presence of the Union Agriculture Minister, Shri Narendra Singh Tomar in New Delhi today. The Minister also presided another first, signing of an agreement between the Indian Chamber of Commerce and NCDCto boost farmers linkages with markets.

The Agriculture Minister said that the Prime Minister has given a new vision to India’s agrarian landscape and to her economic relations with Germany. He added that the Farmer Producer Organizations being set up in the country would be able to access to easier credit and market through the NCDC agreements with ICC and Deutsche Bank.

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.

In a statement, KaushikShaparia, CEO & Country Head, Deutsche Bank AG said that he looked forward to a robust relationship with NCDC in the agri space.

While NCDC MD Sundeep Nayak said that the finance would help NCDC to assist farmers make a successful pivot towards sustainable, climate-smart agriculture.“Right from our founding as an organisation since 1963 for co-operatives, we have always strived to support farmers in their journey to achieve sustainable livelihoods,” said the MD.

Cooperatives are not a new phenomenon for Germany. In fact, today, Germany’s 7,500 cooperative enterprises have more than 20 million members. In contrast, India’s cooperatives figure among the world’s top rankings. 94 per cent of Indian farmers are members of at least one cooperative. The modern agricultural initiatives of the Government of India are being transformed at grass root level by cooperatives.

MoU Between NCDC & Indian Chamber of Commerce

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 1700 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.

Set up in 1963, the NCDC is a development finance statutory institution under the Ministry of Agriculture and Farmers Welfare. It has extended loans to the tune of Euro 16 Billion to cooperatives of various sizes since 2014. With zero net NPA, NCDC has Pan India presence with its 18 regional directorates catering to all the States.

Similarly, Deutsche Bank provides corporate and transaction banking, lending, focused investment banking as well as retail and private banking to corporations, governments and others. Over the last 40 years, Deutsche Bank has grown to become one of the largest foreign banks in India, with branches in 16 cities across the country. The bank works with like-minded partners to achieve common goals for the betterment of society and people, said Shaparia.

Speaking at the event, Aditya Bagri, Co Chair of Indian Chamber of Commerce Committee on Agribusinessand Food Processing said that ICC-NCDC MoU would have a special focus on exports promotion by FPOs.

About Editor in chief

Ashok Palit has completed his graduation from Upendranath College Soro, Balasore and post graduation from Utkal University in Odia Language and literture.. He has also carved out a niche for himself as a scribe of eminence after joining the profession in 1988. He is also an independent media production professional. He brings loads of experience to Advanced Media, Ashok Palit as a cineaste has been active in film criticism for over three decades. As a film society activist, he soared to eminence for his profound commitment to the art film appreciation and aesthetics of cinema. His mode of discourse is often erudite but always lucid and comprehensible marked by a perfect acumen so rare in the field. A film aesthete with an immense fond of critical sensibilities, he wrote about growth and development of odia cinema in New Indian Express, The Times of India, The Hindustan Times, The Asian Age and Screen. He has been working as an Editor for Cine Samaya from 2002-2004.. He had made solid contribution on cinema in many odia Dailies and weekly such as Samaj, Prajatantra, Dharatri, Samaya, Satabadi, and weekly Samaya.

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