Assam launches Rs 250 crore fund in collaboration with World Bank to boost agriculture sector
The World Bank and other multiple stakeholders have joined forces to establish a Rs 250 crore fund in Assam promote small and medium units in the agriculture sector.
The venture capital fund, Caspian Impact Investment Adviser, has partnered with the Assam Rural Infrastructure and Agricultural Services (ARIAS) Society to launch the Assam Agribusiness Investment Fund (AAIF), aimed at accelerating growth, agricultural productivity, and employment generation in the state, reported The Assam Tribune.
ARIAS, designated as the anchor investor for AAIF, will collaborate with Caspian Equity as the fund manager. The fund will primarily invest in small and medium enterprises in the agribusiness and allied sectors.
With its unique sector-specific focus, AAIF seeks to bridge critical gaps in value chain finance in agriculture, thereby increasing farmers' income and fostering rural economic development.
Executive Director and CEO of Caspian Impact Investment Adviser, Saurabh Johri, expressed enthusiasm about the collaboration, highlighting their shared mission to catalyze the economic development of Assam's rural communities.
The fund will be led by Caspian Investment Director Ravi Narasimham, who looks forward to building a partnership with ARIAS to empower and uplift the rural community, creating prosperity and sustainability.
Chairman of ARIAS Society, Ashish Kumar Bhutani, emphasized the significance of AAIF as a unique and pioneering state-led initiative aimed at addressing key challenges in value chain finance in the agriculture and allied sectors.
The fund's establishment is expected to provide much-needed long-term and patient capital for the growth of agribusiness small and medium enterprises, contributing to vibrant and resilient agri-food value chains in Assam.
Toshiaki Ono, World Bank Group Finance Sector Specialist, praised the initiative, highlighting the vital role played by agribusiness SMEs in transforming the sector.
He stressed the limited availability of external finance for their growth and expressed confidence that the Assam Agribusiness Investment Fund would support high-growth and high-impact enterprises, fostering vibrant and resilient agri-food value chains in Assam.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
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