Food parks to get 3000 crore World Bank support

New Delhi: The World Bank will provide Rs 3,000 crore funds to finance mini and mega food parks across the country, particularly in Northeast, and help boost farmers' income, Union Minister Rameswar Teli said on Friday.

Minor formalities remain to be completed on this front before the first disbursement of the sanctioned amount is released, the Minister of State for Food Processing Industries said. He made the remarks while addressing 15th Indo-US Economic Summit organized by the Indo-American Chamber of Commerce- North India Council (IACC- NIC) here.

"The World Bank has agreed to sanction Rs 3,000 crore for the Ministry of Food Processing to enable it finance mini and mega food parks across the country," Teli was quoted as saying at the event.

The minister, in a statement issued by IACC-NIC, urged India Inc to come forward and take advantage of the policies of the government to set up food processing units in the country in which the element of subsidies go to an extent of 75 percent.