NABARD likely to fund foreign farm acquisitions

It would not be far away in time when India would look forward to Africa or Georgia for cereals and pulses with NABARD (National Bank for Agriculture and Rural Development) likely to fund entrepreneurs who are on the lookout for setting up farming estates abroad. According to NABARD Managing Director, Dr.K.G.Karmarkar NABARD is in the process of concluding an agreement with Israeli Fund, for research and technology transfer in agriculture, wherein the fund will be utilized to promote Indian agri-businesses overseas. He was speaking at seed-industry-bankers workshop organised by Andhra Pradesh Regional Office of NABARD. Earlier Commodityonline had reported Indian government giving approval for the acquisition of farm lands in foreign countries. Pulses and oil seeds would be cultivated in the African continent to meet the rising domestic demands back here in India. NABARD is currently having three funds with a combined outlay of Rs.200 crore --R&D fund, rural innovation fund and farmer technology transfer fund--to promote agricultural activities in India.