Citi and the Japan International Cooperation Agency (JICA) have announced a co-financing loan to IndusInd Bank to improve financial access for farmers and catalyse capital investment in the agricultural sector in India.
This includes $30 million loan by Citi and ¥13 billion loan by JICA.
“This social financing to IndusInd Bank will be used by farmers to purchase farm equipment, crops, seeds, and fertilizers, as well as by small agricultural supply chain service providers. This transaction, in which Citi collaborates with JICA, marks our first structured co-financing arrangement to support India’s agricultural sector,” said K. Balasubramanian, Head of Corporate Bank for Citi in South Asia covering India, Bangladesh, and Sri Lanka.
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