Specttrum News: The state-run National Bank for Agriculture and Rural Development (Nabard) has set a target of providing Rs 30,000 crore as credit to farmers for irrigation over the next three years.

The agriculture and rural focused lender has already sanctioned Rs 1,000 crore so far this year. This funding will be in addition to the government's recent announcement of providing Rs 50,000 crore of loans to farmers over the next five years under the Pradhan Mantri Krishi Sinchai Yojana (PMKSY).

"This year we are looking at providing Rs 10,000 crore of loan for this purpose and I am happy to inform you that we have already sanctioned Rs 1,000 crore so far," Nabard Chairman and Managing Director Harsh Kumar Bhanwala told media today.

"Rather than merely creating capacity we are looking at help improve irrigation efficiency," he added. Speaking at the 34th Foundation Day of Nabard, Bhanwala said, "the bank has been accredited by the Green Climate Fund (GCF) as the national implementation agency for climate change at the rural level."