NABARD, APGB sign agreement with Aqua Exchange to finance shrimp farmers in Andhra

Amaravati, Aug 11 (PTI) NABARD and APGB on Monday signed an agreement with Aqua Exchange Agri Tech Private Limited to provide financial support to shrimp farmers in the state.

The initiative will pilot a value chain financing model using Internet of Things (IoT) devices on shrimp farms to improve water quality, feed management, and disease control.

“National Bank for Agriculture and Rural Development and Andhra Pradesh Grameen Bank have partnered with Aqua Exchange Agri Tech Private Limited to promote an aquaculture value chain financing model,” said NABARD Deputy Managing Director AK Sood.

He added that this strategic partnership will pilot a financing model specifically for shrimp farmers in Andhra Pradesh.

The collaboration aims to integrate shrimp farmers into the formal credit system, offer loans at reasonable interest rates, and reduce their dependence on informal lenders, according to the press release.

During the event, loan sanction letters worth over Rs 1 crore were handed over to five shrimp farmers, and IoT devices were distributed to enable real-time farm monitoring and data-driven management.

In a related development, NABARD sanctioned over Rs 3 crore for a tribal development project in Buttayagudem and Polavaram mandals of Eluru district, benefiting 500 families from the Particularly Vulnerable Tribal Group (PVTG).

The six-year PVTG project will also focus on developing mango and cashew orchards with border crops, expected to yield Rs 1 lakh to Rs 1.2 lakh annually per family upon maturity.

The loan sanction letter was handed over to the Project Facilitating Agency, ACTION (Association for Rural and Tribal Development), underscoring NABARD’s commitment to inclusive rural growth. PTI MS SSK