NABARD signs MoU with Maharashtra's MAHAPREIT to finance rural green infrastructure

New Delhi: NABARD has signed a memorandum of understanding with Mahatma Phule Renewable Energy and Infrastructure Technology Limited (MAHAPREIT), a Maharashtra government enterprise, to finance and promote green, climate-resilient and sustainable infrastructure across rural India, the two organisations said in a statement on Monday.

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The statement said the partnership will focus initially on strengthening villages, Panchayati Raj Institutions (PRIs) and community-level infrastructure in Maharashtra.

According to the statement, the MoU pairs NABARD's rural development, climate and green infrastructure financing with MAHAPREIT's climate-focused infrastructure development experience, and is intended to help identify, develop, structure and finance sustainable projects in rural areas.

"NABARD is committed to working with all like-minded stakeholders in furthering a cleaner and greener rural India," NABARD Chairman Shaji Krishnan V said. "We see this MoU with MAHAPREIT as a significant step in this direction."

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Priority areas identified

The two organisations said they have identified priority areas including green energy, decarbonisation of government buildings, gram panchayat infrastructure, rural public institutions and water pumping schemes. The statement said the collaboration also plans to deploy clean energy for Directorate of Technical Education (DTE) institutions, government and district hospitals and other public service institutions serving rural communities.

The parties also said they would take up for financing the promotion of biogas and bioenergy from agricultural residues and other biomass, which the statement said would create additional income for farmers while supporting the circular economy, along with solar-powered micro cold storage for village-level bodies.

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