Fishing for soft loans from across the world, the leading cooperative lender of India National Cooperative Development Corporation (NCDC) has signed an MoU with Sumitomo Mitusi Banking Corporation of Japan on Wednesday.
“We don’t have shortage of money but this is aimed at taking advantage of the prevailing low interest rate on loans in Japan”, said a NCDC top official. The signing ceremony was held at India International Centre in the presence of scores of cooperators.
While Managing Director of NCDC Sundeep Nayak attended the ceremony on behalf of India, Keishi Iwamoto, Country head of Sumitomo Mitusi Banking Corporation in India was present on the behalf of the Japanese bank.
NCUI Chief Executive N Satyanaryana who was present in the signing -in ceremony commented, “For the first time in the history of NCDC, the latter signed an MoU with the foreign bank Sumitomo Mitusi Banking Corporation for a loan of Rs 2,000 crore at the interest rate of 3 percent”, he said.
Explaining further Satyanarayana said, “Loans at a negligible interest rate would directly help cooperatives which take loans from NCDC. It will also help them dispense with NCDC loans at a high rate of interest”, Satyanarayana underlined.
Meanwhile, NCDC is also presently active spreading word around that it would organize India International Cooperatives Trade Fair 2019 in October in Delhi. Several meetings to finalize the issue with co-sponsors have already taken place, said an official.
Recently, Amb TS Tirumurti, Secretary Economic Relations in India’s Ministry of External Affairs released International Cooperatives Trade Fair IICTF 2019 publicity matter at New Delhi.