Wednesday October 17, 2018
Home Business World Bank sa...

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

0
//
140
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

HP Unveils its Convertible ENVY x360 in India

The HP Pavilion Tower 590 is available at a starting price of Rs 22,990 (+GST)

0
HP India
HP launches premium convertible ENVY x360 in India. Flickr

Expanding its premium portfolio, HP Inc. on Tuesday launched the HP ENVY x360 convertible powered by AMD Ryzen processor for the millennials in India.

HP ENVY x360 with AMD Ryzen R3 processor would be available from November at a starting price of Rs 60,990.

The variant with 256GB storage will cost Rs 74,990. The company is also offering a bundled HP Active Pen that works with Windows Ink.

“We have about 30 per cent share in the premium segment and this is growing much faster than the lower-priced segment. We’re expecting to increase our share and get rapid uptake from the customers,” Vickram Bedi, Senior Director, Personal Systems, HP Inc. India, told IANS here.

“At HP, we believe in insights-driven innovation that enables us to deliver the PC experiences that users want. The HP Envy x360 is a combination of sleek design, optimum performance and quality at an affordable cost,” he added.

The convertible features the all new HP Command Center which lets users optimise system performance, fan noise and temperature with its CoolSense technology.

The device supports Gigabit Wi-Fi speeds, to provide fast Internet connections for demanding streaming apps for movies, music and gaming.

HP
HP ENVY x360 with AMD Ryzen R3 processor would be available from November at a starting price of Rs 60,990.. (IANS)

The unique design of the laptop draws inspiration from hand-crafted pieces that feature the Damascus pattern — a high precision technique used in manufacturing specialty knives, known to be tough and durable, the company added.

AMD Ryzen processor gives performance up to 12.5 hours of battery life, charging from zero per cent battery life to 50 per cent on 45 minutes charge with HP Fast Charge technology, the company claimed.

The Corning Gorilla Glass NBT touchscreen gives highly intuitive reaction, with HP Active Pen for a seamless and natural work experience.

The device is available in Dark Ash Silver colour with an angular Damascus pattern, thin bezels and edge-to-edge backlit keyboard.

Also Read- Chandra Observatory By NASA Back in Action

Devices including the HP Pavilion 15 ultra-thin 15-inch laptop, HP Pavilion Tower 590 desktop and the HP 15 Notebook were also unveiled.

The HP Pavilion 15 laptop with AMD Ryzen R5 processor would be available in November at a starting price of Rs 62,990 while the one with AMD Ryzen R3 processor is available now at a starting price of Rs 36,990.

The HP Pavilion Tower 590 is available at a starting price of Rs 22,990 (+GST). (IANS)

Next Story