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World Bank sanctions $500 million loan to SIDBI for MSME sector

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By Newsgram Staff Writer

World Bank has approved a loan of $500 million to Small Industries Development Bank of India (SIDBI)  which will be used to improve access to finance of Micro, Small and Medium Enterprises (MSME) in manufacturing and service sectors, Minsitry of Finance  said.

The loan agreements for World Bank (IBRD) assistance of US$ 500 million to Small Industries Development Bank of India (SIDBI) for MSME Growth Innovation and Inclusive Finance Project was signed here today between Government of India and the World Bank.

The objective of the project is to improve access to finance of Micro, Small and Medium Enterprises (MSME) in manufacturing and service sectors from early to growth stage, including through innovative financial products. The project also aims to support growth and employment creation through unlocking opportunities for firm growth that the financing would provide.

Funded MSMEs will be the primary beneficiaries. MSMEs for the purpose of this project will be firms that are considered as MSMEs under the MSME Act. The project specifically benefits SIDBI by enhancing its financial and institutional capacity in the areas of early stage, service and manufacturing sector financing, and also supports other Participating Financial Institutions (PFIs).

The project will have three components which are: (i) Spurring Early Stage and Risk Capital Finance, (ii) Supporting service sector financing models and (iii) Supporting finance to manufacturing MSMEs.

It is a loan with an implementation period of 5 years. Small Industries Development Bank of India is the implementing agency.

The Guarantee Agreement was signed by Mr. Tarun Bajaj, Joint Secretary, Department of Economic Affairs, Ministry of Finance on behalf of the Government of India and Mr. Onno Ruhl, Country Director (India) of World Bank on behalf of the World Bank. The Loan Agreement was signed by Mr. Kshatrapati Shivaji, CMD, SIDBI and Mr. Onno Ruhl, Country Director (India) of World Bank on behalf of the World Bank. Representative(s) from Small Industries Development Bank of India (SIDBI) and officials from the World Bank, among others, were present.

 

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Microsoft Surface Pro Now Available In India

There is a full-size glass trackpad with five-finger multi-touch capabilities that allows for ultimate precision and the keyboard is wrapped in soft Alcantara material

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Global chip-maker Qualcomm Technologies and Microsoft have collaborated with leading retailers from across the world to offer new "always connected" Windows 10 PCs powered by the Qualcomm Snapdragon Mobile PC Platform. Wikimedia Commons
  • Microsoft released its Surface Pro in India
  • It is a high-resolution tablet with 12.3-inch touch-display
  • Customers can buy the Surface Pro from a number of retailers in India

Microsoft on Thursday announced its Surface Pro notebook and accessories are available in India. Surface Pro features a high-resolution 12.3-inch “PixelSense” touch display that supports the new Surface Pen 4.

The first generation, 2-in-1 detachable of the Microsoft Surface series — with a configuration of Intel Core m3, 128 GB SSD, 4GB RAM and Intel HD Graphics 615 — will cost Rs 64,999.

Microsoft introduces its Surface Pro Indian markets. Wikimedia Commons
Microsoft introduces its Surface Pro Indian markets. Wikimedia Commons

Customers can buy the device through more than 130 commercial resellers, the company said in a statement.

“We are delighted to announce the launch of Surface Pro in India and offer our consumers another superior device that will enable them create, study, work and play virtually anywhere,” said Vineet Durani, Director, Windows and Devices, Microsoft India.

Also Read: Microsoft Announces Indian Languages Support For e-mail Addresses

With a new hinge that adjusts to 165 degrees, users can now put the device into “Studio Mode”, thus, creating the optimal position to write or sketch.

It also has a tilt functionality that detects the angle of the Surface Pen to enable more natural shading.

At 8.5-mm thickness and weighing 767 grams, the notebook packs the in 7th-generation Intel Core processor with a fanless design.

Surface Pro has a battery life of 13.5 hours. Wikimedia Commons
Surface Pro has a battery life of 13.5 hours. Wikimedia Commons

 

Its battery supports up to 13.5 hours of life.

There is a full-size glass trackpad with five-finger multi-touch capabilities that allows for ultimate precision and the keyboard is wrapped in soft Alcantara material. IANS

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