Yes Bank, one of the private sector banks in India, entered into a memorandum of understanding (MoU) with the government of India to provide financing for its food processing projects. Under this project announced at the World Food India conference, Yes Bank will provide Rs.1,000 crore financing. The funding will be offered to 100 food processing units at an average allocation of Rs.10 crore each.
The MoU is announced as a part of the three-day World Food India conference promoted by the Ministry of Food Processing Industries. The memorandum was unveiled by Indian prime minister Narendra Modi who participated in the first day of the conference.
According to Yes Bank’s managing director and CEO Rana Kapoor, food processing industry of India is one of the vital industries in the country. Besides driving economic growth in India, this industry also plays a major role in increasing a farmer’s income and promoting food security. Yes Bank is also anchoring the ‘Food-Processing Start-Up Awards’ at the World Food India conference.
World Food Economy is an initiative by the Indian government to facilitate partnerships between Indian and International businesses in the food industry. By facilitating this partnership, this will drive growth and provide more opportunities to the Indian food processing industry.
This conference brings together various players in the global food ecosystem including manufacturers, food processors, investors, producers, policy makers, and companies. Apart from the MoU signing, this event will witness various other activities such as sectoral seminars, country sessions, state sessions, roundtable conferences, etc.