Nabard to invest Rs 342 cr in food warehouses in AP

VIJAYAWADA: The National Bank for Agricultural and Rural Development (Nabard) today said it will invest Rs 342 crore in Andhra Pradesh to create warehousing capacity to store 6 lakh metric tonnes of food items.

Nabard's chief general manager for Andhra Pradesh Harish Java said the capacity will be created in all the 13 districts of the state to improve the food storage capabilities.

Java met Chief Minister N Chandrababu Naidu today and briefed him on the various projects under progress with funding by NABARD, an official release said.

Nabard has given a grant of Rs 48 crore for infrastructure improvement at the Acharya Ranga Agricultural University and also allocated Rs 350 crore to the state for green initiatives under 'National Adaptation Fund for climate change', he said.

Additionally, the key lender to the farm sector is also preparing to fund gas grid, power grid, road grid, and fibre grid projects, he added.

At the meeting, Naidu sought more funds for rural road works from the Rural Infrastructure Debt Fund managed by Nabard and was told that funds will be released with priority for the 'smart villages' identified by the state for comprehensive development.