Sunday December 16, 2018
Home Business World Bank sa...

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

0
//
Republish
Reprint

dollar-499481_640

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.

 

Click here for reuse options!
Copyright 2015 NewsGram

Next Story

Panasonic Unveils Mobile Computing Devices in India

The energy efficient device is built on the Qualcomm Snapdragon mobile platform to ensure long-term Android support

0
panasonic
Panasonic launches mobile computing devices in India. Flickr

Japanese electronics major Panasonic on Thursday launched TOUGHBOOK FZ T1 and L1 mobile computing devices in India.

The TOUGHBOOK FZ T1 is durable, compact and comes with a 5-inch screen and runs Android 8.1 Oreo OS.

The device delivers fast, easy barcode scanning with an integrated barcode reader, the company said in a statement.

It is also designed with MIL-STD-810G standards and comes with IP66/68 rating.

panasonic
Panasonic. IANS

“Our newest offering under the product category further assists consumers with their enterprise based working environment by robustly assisting them to augment their efficiency levels through the TOUGHBOOK series,” said Vijay Wadhwan, Business Head System and Solution Business, Panasonic India.

Also Read- Microsoft Working to Introduce a Consumer Version of Microsoft 365 Bundle

The FZ-L1 offers professional-grade capabilities and reliability to workers who rely on accessing information on-the-go.

The energy efficient device is built on the Qualcomm Snapdragon mobile platform to ensure long-term Android support. (IANS)