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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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Australian Open 2020 Staff Wears Recycled Polyester T-Shirts From India

Tirupur Connection has been making apparel from the recycled fiber blended with waster cotton for a while and was kind enough to share these resources with the Australian Open

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It seems like the Australian Open is one of the first championships to take this movement seriously enough to bring about actual changes. In AO 2020 all the staff is wearing recycled polyester coming from India. Pixabay

The Australian Open 2020 will last until February 2, but this championship has already turned out to be extremely interesting and rich in top news and unique interesting facts specific to this year. While the players and the outcome of the matches are the most important part of every single tournament, it is equally important that the championships and people who make them happen are working on improving themselves every year.

The sustainability movement has been growing this past year and the talk about promoting more ethical and climate-friendly practices has become more frequent. People now expect that the companies they work for or support will have the necessary regulations and will follow sustainable practices. The companies hosting and organizing important sporting events are no exception. In fact, the pressure us on powerful firms and enterprises to take action and become leaders in this direction. This attitude will likely become even more common among big companies and championships and we will see that as a normal thing soon enough but before that can become a reality Australian Open 2020 decided to take the first step.

Promoting ethical practices

It seems like the Australian Open is one of the first championships to take this movement seriously enough to bring about actual changes. In AO 2020 all the staff is wearing recycled polyester coming from India. Tirupur connection is the company behind these t-shirts and it is a Tirupur based company that has contributed 25,000 100% recycled polyester garments to Australia. The t-shirts are made specifically from Polyethylene Terephthalate bottles, something that the company specializes in. Tirupur Connection has been making apparel from the recycled fiber blended with waster cotton for a while and was kind enough to share these resources with the Australian Open. AO is setting an example of how to promote ethical practices not only by talking about the necessity of change but also through their actions.

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The t-shirts for Australian Open are made specifically from Polyethylene Terephthalate bottles, something that the company specializes in. Pixabay

Not only will this move promote the Australian Open as a tournament that cares about the environment, it will also send a message that the championship cares enough about its fans to listen to their concerns. 

Responsibility of big companies

Tournaments like these have the power to send important messages to all the people watching. AO decided to actually do what other companies and tournaments are preaching and to promote sustainability through that actually work. It is very important that these big companies and entities take the first step towards making a change since they are most likely the ones in power to actually be able to afford such major changes. The fact that fully recycle clothing is easily accessible is an important factor to promote.

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And while there are sustainable brands in Australia as well the country and the championship decided to support India on this one. This is also a very gracious move on the tournaments part and will likely earn it even more sympathy.