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CBDT Press Release No: (31-Mar-15) India Signs Loan Agreements with World Bank for US$ 500 Million for Small Industries Development Bank of India (SIDBI) for MSME Growth Innovation and Inclusive Finance Project

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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.

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...

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