The AfDB and the French company LDC sign an agreement for a loan of 100 million dollars to help small farmers

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The AfDB and the French company LDC have signed a loan pact of 100 million dollars (approximately 760 crore rupees) to help smallholder farmers in countries, including India and Pakistan, to recover from the economic challenges posed by the pandemic and improve their resilience to the impacts of climate change.

The loan will support the operations of Louis Dreyfus Company BV (LDC) in India, Indonesia, Pakistan, Thailand and Vietnam by financing the stocks of coffee, cotton and rice of more than 50,000 smallholder farmers in these countries .

This will help secure food supply chains and reliable incomes for smallholder farmers, and offset the impact of supply chain disruptions due to the pandemic, the Asian Development Bank (AfDB) said in a press release on Friday.

“Smallholder farmers, who are already vulnerable to climate change, are facing increasing hardship due to the pandemic, leading to loss of income, loss of crops and food, and supply chain disruptions,” said the AfDB Vice President for Private and Public Sector Operations. –Private partnerships Ashok Lavasa. AfDB assistance will help ensure a reliable levy for farmers, providing them with a direct way to preserve their livelihoods and assets, while allowing them to invest in climate-resilient agricultural practices, he said. he declares.

A related technical assistance (TA) grant will provide capacity building and training activities that will enhance the benefits of sustainable and climate-resilient agricultural practices for cotton farmers in India and coffee farmers in Indonesia. The technical assistance will support pilot trials of drip irrigation in cotton fields in India and the use of biochar kilns in Indonesia. The AfDB said TA assistance is expected to benefit about 4,000 farmers, especially women farmers. The TA funding includes USD 205,000 from the AfDB Special Technical Assistance Fund for COVID Recovery and USD 385,000 from the Strategic Climate Fund, administered by the AfDB. “As a leading agricultural trader and processor, LDC is committed to empowering smallholder farmers, whose businesses are critical to global food security, to use sustainable agricultural practices to benefit current generations. and future,” said LDC’s Commercial Director. and Asia Region Manager James Zhou.

With the right tools, knowledge and support, farmers can sustainably improve their yields and livelihoods while preserving the environment. “We look forward to collaborating with the AfDB towards this important goal,” Zhou said.

(This story has not been edited by the Devdiscourse team and is auto-generated from a syndicated feed.)

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