May

1

World Bank $400m to India for Small Business Loans Financing

Filed Under Banking, India Business, Indian Companies 

Good news for Small Business Loans in Indian. The World Bank has approved 400 million dollar additional financing loan to the Small Industries Development Bank of India (SIDBI), to improve access to finance for Small and Medium Enterprises (SMEs).

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World Bank country director for India, Roberto Zagha, said: The project is part of a larger program of support in response to India’s request for funding in light of the financial crisis. It is targeted particularly at SMEs, to help address the credit slowdown that has resulted from the financial crisis.

This will help scale up the fully disbursed original project which had been approved by the World Bank on November 30, 2004, the bank said in a statement.

We believe this is happening at the right time (hopefully its not too late). The small businesses in India have been under great pressure in the last 6 months, and the export oriented units have been the worst hit.

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