Tuesday December 10, 2019
Home Business World Bank sa...

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

0
//

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.

 

Next Story

Gunning Down the Rapists

Here's how giving a death penalty to rapists is the right thing to do

0
Rape
Rape is a heinous crime and the rapists should not be set free.

By SALIL GEWALI

The horrendous acts committed by four boys provoked nationwide outrage. The accused, after the premeditated rape, had set the victim’s body on fire. Nothing could be as shocking as this. Thank God today those four got shot dead in an encounter. I salute the police even if it is a fake encounter. What more we need more than the confession by the criminals. The “evil” must be done away with by all means at the earliest. Else, the rapists will be set free within a few months/years. This again will only embolden other sadists.

Rape punishment
The monsters who raped Nirbhaya in 2012 were awarded with a sewing machine along with the cash prize of Rs 10000/-.

I’m afraid, there is no shortage of leaders and so-called “activists” in the country who stand up and scream to defend the criminals of high order. The monsters who raped Nirbhaya in 2012 was awarded with a sewing machine along with the cash prize of Rs 10000/-. Who proposed this beastly idea? It was by our leaders. Why didn’t we condemn such leaders first? Tolerating the evil is itself a big sin.

Also Read- Bollywood Legend Waheeda Rehman Turns into Wildlife Photographer

This is nothing but allowing to rape the body of society!  Therefore, I fear certain “leaders and activists” of modern times that question the values of humanity, but keep mum, or defend evil of a “certain” kind.

Salil Gewali is a well-known writer and author of ‘Great Minds of India’.
Twitter:@SGewali

 

Next Story