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Bhubaneswar: The state government on Monday signed a memorandum of understanding with the Artisans Micro Finance Private Limited (AMFPL), a wholly owned subsidiary of FabIndia, to create marketing opportunities for Orissa's handicrafts and handlooms in the domestic and international markets.
Secretary, textiles and handlooms, Arti Ahuja signed the MoU on the state government's behalf, while AMFPLs managing director Smita Mankad represented her company. Chief minister Naveen Patnaik was present. AMFPL, a venture fund, facilitates setting up of companies, which are owned 49 per cent by the fund, 26 per cent by the artisans, 15 per cent by private investors and 10 per cent by the employees of the community-owned company.
Going by the MoU, AMFPL would help establish community owned company. The company would work for revival of handicrafts and handlooms, creation of employment opportunities for artisans and improving their socio-economic status. It would also work for creation of working capital, disciplining the distribution network and fixation of quality standards as well as appropriate price for the products.
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