The World Bank approved Thursday an additional US$400 million financing loan to the Small Industries Development Bank of India (SIDBI), mainly to improve the finances of small-scale and medium-scale enterprises (SMEs). The money will help scale up the fully-disbursed original project that was approved on November 30 of 2004, it said.
The funding is mainly to help SMEs have access to credit in the midst of the global slowdown.
Achieving and sustaining growth and employment will require a sharp step-up in industrial and services growth. This needs to be spurred by SMEs which have the greatest potential to provide employment, Roberto Zagha, World Bank Country Director for India, said in a statement.
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