Oikocredit joins DFC and USAID in USD $55 million Covid-19 relief loan financing programme for sustainable agriculture development in India
The U.S. International Development Finance Corporation (DFC) and the United States Agency for International Development (USAID) are jointly sponsoring a $55 million credit guarantee with Maanaveeya, our subsidiary in India, and other lenders to support the Indian agriculture sector hit by Covid-19.
The ‘India Covid Response Program for Agriculture Transition’ is an eight-year programme that will reach more than 200,000 smallholder farmers in India.
The programme will help address the economic impact of Covid-19 by supporting loans to farmer producer organisations, agtech companies, and companies engaged in clean energy solutions for the agriculture sector. It will also introduce and support clean technologies for smallholder farmers, particularly women, that improve market linkages and increase incomes while having a positive impact on the environment.
“To counter Covid-19’s effects on the agricultural sector, this timely project will play a catalytic role in making smallholder farmers more climate change resilient while simultaneously directly impacting the communities we serve,” said Gouri Sankar, Managing Director at Maanaveeya, Oikocredit’s subsidiary in India.
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