Credit agreement between Agriculture Development Bank and National Farmers Group

Agriculture Development Bank and the National Farmers Group Federation of Nepal have reached an agreement on loan implementation. The agreement was signed by Anil Kumar Upadhyay, Chief Executive Officer of the Bank, and Nawaraj Basnet, President of the National Farmers Group Federation of Nepal.

Speaking on the occasion, Chief Executive Officer of the Bank, Anil Kumar Upadhyaya, said that the bank would provide concessional loans to farmers' groups and agricultural cooperatives in rural areas of Nepal, especially the marginalized, landless, and women farmers, for conducting agriculture and animal husbandry projects.

In addition, various social community programs are expected to contribute significantly to the growth of employment at the local level and the development of the rural economy. According to Upadhyaya, the Agriculture Development Bank has always been a farmer's bank and the bank has expressed its commitment to play a leading role in the commercialization and modernization of agriculture and animal husbandry in the days to come.

Similarly, Nawaraj Basnet, President of the National Farmers Group Federation of Nepal, hoped that the agreement reached with the bank would help the far-flung neglected poor farmers to raise their economic status through concessional loans from the bank.

According to Babukaji Thapa, department head of the Department of Agriculture Loans and MSMEs, the bank will provide loans to about 5,200 farmers' groups and 100,000 farmers of cooperatives in 57 districts of the country affiliated to the National Farmers Group Federation Nepal to run projects related to agriculture and livestock.

In addition, on the recommendation of the Federation, in addition to concessional loans to local farmers as required, various programs for training, crop and animal protection programs, financial literacy, and corporate social responsibility will also be conducted for entrepreneurship development.