L&T Finance signs agreement with ADB, will fund rural areas. Loktej Business News
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New Delhi, 24 November (Hindustan Reporter). L&T Finance has signed an agreement with Asian Development Bank (ADB) to address the needs of poor women, farmers and medium scale industries in rural and semi-urban areas. Under the agreement, the company will receive an amount of $ 125 million as a long-term loan from the Asian Development Bank.
According to the information provided by L&T Finance, 40 percent of the loan amount from Asian Development Bank will be used to meet the financial needs of poor women. Apart from this, the remaining 60 percent amount will be used for lending to weaker section farmers and meeting the needs of MSMEs.
In a statement issued by the company, it has been said that apart from the long-term loan of $125 million from the Asian Development Bank, it will also get the same amount from other development partners of the company. In this way the company will be able to meet the financial needs of poor women, farmers and MSMEs in rural and semi-urban areas.
L&T Finance’s statement said that the long-term loan from the Asian Development Bank will be very helpful for the company’s core principles of social responsibility. This will go a long way in bridging the financial gap between rural and urban areas of the country. With this, efforts to promote inclusive economic development in the country will be strengthened. L&T Finance will use the money received from the Asian Development Bank and its development partners to provide micro loans in rural and semi-urban areas as well as agricultural equipment loans.
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