NABARD grants Rs 27.77 crore loan to Food & Civil Supplies Corporation

BANGALORE: National Bank for Agriculture and Rural Development has sanctioned a loan of Rs 27.77 crore to Karnataka Food & Civil Supplies Corporation for construction of 27 rural warehousing projects in 13 districts.

With this financial assistance, the Corporation, a state-owned enterprise engaged in procurement and distribution of essential commodities, is expected to create scientific storage capacity of 45,420 MT using latest technology, Chief General Manager, NABARD, Karnataka Regional Office, S N A Jinnah said.

The Corporation has preferred to avail loan under NABARD's Rural Infrastructure Development Fund, which is a cheap source of funds, he said in a statement.