New Delhi: The National Bank of Agriculture and Rural Development (Nabad) has developed new loan proposals aimed at financing the private sector in constructing much-needed storage facilities. Nabad is currently grappling with a significant shortage of warehouses dedicated to the storage of agricultural products.
This innovative scheme has already received approval from the Central Government, and now Nabad is preparing to offer direct loans to both public and private entities for the establishment of warehouses, cold storage units, and storage towers.
The institution is eager to enhance the participation of private players in the development of warehousing infrastructure, particularly for perishable agricultural products like fruits and vegetables.
Maharashtra stands to gain the most from this loan initiative, given the state faces a staggering storage gap of 28.16 lakh metric tons, which includes a substantial shortfall of 15.89 lakh metric tons for cold storage, impacting every district in the state.
Nabad's new financing plan aims to address this critical storage gap across the nation, which is expected to promote improved scientific storage and prolong the preservation of agricultural products throughout the country.
The institution anticipates assisting in the construction of an additional 100 metric tons of modern storage facilities.
It's essential that both the financing and construction processes adhere strictly to the guidelines established by the Warehouse Development and Regulatory Authority.