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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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Low Cure Rate For Childhood Cancer in India: Experts

On International Childhood Cancer Day, the hospital organised a ‘Sit and Draw competition’ with pediatric patients and rewarded the winner

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Health insurance covers only for hospitalization and doesn’t necessarily cover the medical expenses incurred for the treatment of major illnesses. flickr

Childhood cancer comprises almost 3-5 per cent of the total cancer cases in India, experts said here on Friday, expressing concern over the low cure rate due to lack of available data.

“The disturbing reality is that the cure rate of pediatric cancer is almost 80 per cent in the developed countries. When we see the data from major cancer centres, it actually can match up to the Western standard but this data is not enough,” Haemato-Oncologist Vivek Agarwala said at an awareness programme conducted by Narayana Superspecialty Hospital, Howrah.

According to the Indian Council for Medical Research, cancer in children constitutes approximately 3-5 per cent of the total cancer cases in India.

Agarwala said a large portion of the incidence of childhood cancer in society is still not addressed.

Cancer survivor. Flickr

Also, a large section who don’t have access to premier institutes are often diagnosed late due to financial crunch and that is why the overall treatment rate in India is low.

“Probably, the government and society at large are not considering it a big problem as it is just around 5 per cent. We are always campaigning for breast and cervical cancers,” Agarwala said.

“We must remember this 5 per cent of cancer is majorly curable if given proper treatment,” he said.

Leukaemia and retinoblastoma (a form of cancer where children have a white eye) are the two common forms of cancer in children.

Also Read- Push-ups Can Lower The Risk of Heart Diseases

Talking about awareness and symptoms that parents need to watch out for, he said: “Symptoms are different for different cancers, but children who have cancer have poor growth, poor weight gain and decreased appetite. One must get their children evaluated on seeing these symptoms”.

On International Childhood Cancer Day, the hospital organised a ‘Sit and Draw competition’ with pediatric patients and rewarded the winner. (IANS)