Kreditanstalt für Wiederaufbau (KfW) Bank of Germany showed an interest to invest money in the zero based natural farming (ZBNF) programme of Andhra Pradesh (AP.)
On the 25th of July, a representative of the Germany based Bank met L.V. Subrahmanyam, the Chief Secretary of Andhra Pradesh and discussed the issues in detail.
The meeting was held at the Andhra Pradesh Secretariat in Amaravati, Andhra Pradesh.
The State Government prepared a climate resilient programme as a part of the ZBNF, following which, the Bank agreed to invest in the project.
The estimated cost of the ZBNF is approximately Rs. 2,479 crores, which is sanctioned by the Central Government.
The Central Government also allowed the AP Government to take a loan of Rs. 1,735 crores from the Bank, whereas the remaining amount of Rs. 744 crores will be managed by the State Government.
The agreement of the loan procedures will be signed between the Central Government, the State Government and the Bank in November.
The KfW Bank is expected to disburse the funds in two phases, the first instalment would be of Rs. 744 crores and the second of Rs. 991 crores.
Stay tuned for further updates.
