New Delhi sources have reported that the government and World Bank on Tuesday signed a USD 100 million (about Rs 6,400 crore) loan agreement to promote rural economy in selected blocks of Tamil Nadu across 26 districts, benefiting over 4 lakh people.
Meanwhile the finance ministry said in a statement that the funding aimed at promoting rural enterprises, facilitate their access to finance, and create employment opportunities for youth particularly women. Further the Tamilnadu Rural Transformation Project will create an enabling environment for producer organizations and enterprises to promote businesses across select value chains.
According to report "Based
on the analysis, communities will identify commodities and sub-sectors in the
value chain for preparing business plans. 30% of the financing for
these business plans will be through a matching grant program from the project
and the remaining 70% will be leveraged from other financial institutions”.
Moreover it will also specifically support eligible households from socially
and culturally disadvantaged groups harness their existing assets, skills, and
resources.
