Agrobank receives 'Local Economic Development' award in India

KUALA LUMPUR: The Agrobank once again won global recognition when it received a top award in the ‘Local Economic Development’ category from the Association of Development Financing Institutions in Asia (ADFIAP) at a ceremony held recently in New Delhi, India.

The award was handed over by ADFIAP chairman, Shirjee Roy Yadar to Agrobank covering president and chief executive officer, Masaat Awadz.

This award was given in recognition of Agrobank’s economic development efforts, especially in funding the Chilli Fertigation-i Programme managed by the Kuala Langat Area Farmers’ Organisation (PPK-Kuala Langat).

Masaat said Agrobank felt highly honoured with the award and it was further motivation for the bank in developing the economy of the local agro community.

“As a bank that understands the needs of the agricultural community, Agrobank is always proactive in offering comprehensive funding for the agricultural sector which encompasses upstream and downstream activities.

“Agrobank always welcomes collaboration with its strategic partners to together develop the agricultural industry,” she said as quoted in a statement.

Masaat said Agrobank offered funding of RM 1,000 to RM50,000 without collateral for participants of the chilli fertigation project.

“It is open to individuals aged 18 to 60 years and the participants need to register under the Kuala Langat PPK-managed chilli fertigation project.

“This innovative programme is the initiative of the PPK to increase the involvement and income of youths through chilli fertigation farming. In empowering the community, the Kuala Langat PPK provides intensive and real-time training to the young farmers to raise the quality and quantity of the crop, so as to facilitate its marketing and fetching a good price,” she said.

Besides offering micro funding without collateral, Agrobank also provides the project participants with Internet banking service, while income payment from the project are made to them online for more transparent transactions and systematic keeping of records.

Agrobank is committed to its mandated role, that is, to expand the agricultural sector for better access to funding for the entrepreneurs, from micro traders to small and medium enterprise operators to those involved in the import and export business, according to the statement. Bernama