MUMBAI, INDIA (July 13, 2 p.m. ET) — International Financial Corp. (IFC), a member of World Bank Group, is helping Jalagoan, India-based Jain Irrigation Systems Ltd. set up a company to give loans to small farmers in India to buy micro-irrigation systems.
According to the partners, the project will likely benefit more than 600,000 farmers with limited access to credit in the next five years.
IFC will invest US$2.7 million in a Jain subsidiary, Sustainable Agro-Commercial Finance Ltd.
“The objective is to help the farmer with small holdings of between three and five acres of land engaged in subsistence farming,” said a Jain company official. “These small farmers are financially so weak that they could not afford drip irrigation systems.”
Jain Irrigation also makes plastic pipe and sheet.