The National Bank for Agriculture and Rural Development (Nabard) on Monday said it has executed three MoUs with the Gujarat Government for a proposed financial assistance of nearly Rs 25,000 crore for various developmental projects.

This includes refinance support of Rs 12,000 crore to cooperative banks and regional rural banks (RRBs) for facilitating disbursement of crop loan by them in the state in the next two years, Mukesh Kumar Agrawal, Chief General Manager, NABARD, Gujarat Region, said.

Besides, it envisages loans of Rs 4,500 crore to the State Government for developing rural infrastructure in the next two years under the rural infrastructure development fund (RIDF).

Also, Nabard has earmarked Rs 1,700 crore for supporting cooperative banks for their multipurpose lending , a measure to strengthen the cooperative banking system.

Nabard also plans to increase term loan under agriculture for which it plans to disburse Rs. 1,200 crore to all types of banks in the state as refinance under investment credit operations.

For the dairy sector in Gujarat, NABARD proposes to extend a financial support of Rs. 2,000 crore which includes working capital as well as term loan financing dairy unions and federations.

Its other assistance included Rs 600 crore in food processing, Rs 500 crore for warehousing, Rs 300 crore for renewable energy sources, and Rs 500 crore for funding underground drainage,

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