1. In order to complement the efforts of the Government of India to enhance capacity in the areas of agrofinancing and entrepreneurship development for African countries, Ministry of External Affairs signed an MoU today with National Bank for Agriculture and Rural Development Consultancy Service (NABCONS) for setting up IndiaAfrica Institute of Agriculture and Rural Development (IAIARD) in Malawi.
2. IAIARD will be a PanAfrican Institute wherein trainees not only from Malawi but also from other African countries, will receive training to develop their human resources and build their capacity. IAIARD will develop training programmes in the areas of microfinancing and agrofinancing, among others. The entire expenditure on faculty from India, the travel, logistics and training course expenses for students from other African countries will be borne by the Government of India for an initial period of three years.
3. This institute will be the first of its kind developed in an African country by India. This will further strengthen the bilateral relations with Malawi and India's relations with African Union.
Source: Ministry of External affairs Gov of India