scorecardresearch
Sunday, Dec 04, 2022
Premium

World Bank to give $750 million funding support to MSMEs

The programme will help in improving funding capacity of small finance banks (SFBs) and non-banking financial companies (NBFCs) for the MSME sector.

world bank, world bank news, world bank msme, world bank indian msmes, World Bank to give $750 million to support 15 crore viable MSMEs, business news, indian economy news, indian express business During the 2020 fiscal (July 2019-June 2020), World Bank has extended USD 5.13 billion loans to India– which is the highest in a decade. This includes USD 2.75 billion given in three months in response to the COVID-19 pandemic.

The World Bank’s Board of Executive Directors has approved a $750 million MSME Emergency Response program to support funding to micro, small, and medium enterprises (MSMEs), severely impacted by the COVID-19 pandemic.

The programme will help in improving funding capacity of small finance banks (SFBs) and non-banking financial companies (NBFCs) for the MSME sector.

The World Bank said this programme will address the immediate liquidity and credit needs of some 1.5 million viable MSMEs to help them withstand the impact of the current shock and protect millions of jobs. The loan has a maturity of 19 years including a five-year grace period.

‘Manufacturing index still in contraction mode in June’

Subscriber Only Stories
This Gujarat election may be most significant for the inroads made by AAPPremium
Venba: A video game about a South Indian immigrant’s story one recipe at ...Premium
Baramati not for taking: Supriya Sule seeks to make her point via Mumbai ...Premium
The Neu Air India Flight PathPremium

Mumbai: India’s manufacturing activity surged sharply in June but continued in the contraction mode for a third straight month as demand and output suffered from three months of lockdowns to quell the spread of the coronavirus.

At 47.2 in June, the seasonally adjusted IHS Markit India Manufacturing PMI Index surged from 30.8 in May. A reading below 50 indicates contraction. Despite the rise, the latest reading pointed to a third successive monthly decline in the health of the manufacturing sector, albeit one that was far softer than registered in April and May, it said. PMI fell to 27.4 in April from 51.8 in March, its lowest reading since data collection began over 15 years ago. —ENS

First published on: 02-07-2020 at 12:14:36 am
Next Story

Draw a line

Latest Comment
Post Comment
Read Comments
Advertisement
Advertisement
Advertisement
Advertisement
close