Ahmedabad: NABARD's financial assistance for supporting agriculture, rural development and rural infrastructure development in the Gujarat increased by 50%. It touched Rs 4340 crore during the financial year 2011-12 as against Rs 2894 crore in the previous fiscal.
NABARD assistance consists of Rs 3270 crore refinance support to banks for expanding farm and non-farm sector loans, Rs 780 crore loan to the government of Gujarat under the Rural Infrastructure Development Fund (RIDF), Rs 205 crore direct finance to district co-operative banks, Rs 69 crore support for developing warehouse and cold storages and Rs 16 crore loan for setting up two innovative solar power projects.
During the year 2011-12, 161 new projects involving RIDF loans of Rs 1516 crore were sanctioned to Government of Gujarat under RIDF for taking up infrastructure projects in rural areas. This is the highest ever sanction in a single year so far for irrigation, rural drinking water project, construction of underground drainage system and construction of warehouses.
"With this, the cumulative sanctions under RIDF reached Rs 10,877crore. The disbursements under RIDF were at Rs 780 crore during the year, taking the cumulative disbursements to Rs 7935 crore," NABARD - Gujarat CGM HR Dave said in a media statement.
In 2011-12, under a new scheme NABARD Infrastructure Development Assistance (NIDA) two solar power projects were sanctioned with term loan assistance of Rs 59 crore.
The refinance released to the coopverative banks and regional rural banks stood at Rs 2429 crore as against Rs 1334 crore disbursed during 2010-11, registering a growth of 82 %. For the first time, NABARD provided direct finance to District Co-operative Banks for diversification of their business portfolio.
An amount Rs 205 crore was disbursed to Rajkot and Sabarkantha district co-operative banks for supporting their new and innovative ventures.
To improve the storage capacity of agricultural produce in the state, as part of government of India initiative, NABARD provided concessional refinance of Rs 69 crore to banks for financing construction of warehouses and cold storages.
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