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3 NBFCs get $55-M from USAID, DFC to support farmer sector

MyBigPlunge  

Three mid-sized rural-focused domestic non-banking finance companies (NBFCs) - Avanti Finance, Samunnati Financial, and Maanaveeya - are getting USD 55 million (around INR 400 crore) from two US developmental finance institutions, DFC and USAID, to help address the economic impact of the pandemic on farmer producer organisations, agri-tech companies, and those engaged in clean energy solutions for the farm sector. The funding to farmer entities will be jointly sponsored by the three firms and will work like a credit guarantee to address the economic impact of the pandemic. The financial support will be complemented with technical assistance led by the Rabo Foundation of the Netherlands to focus on areas of business management and help in building stronger market linkages.