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Business EconomyPosted at: Jul 6 2020 11:40PM


World Bank, Govt of India sign $750 mn agreement for Emergency Response Programme for MSMEs

New Delhi, Jul 6 (UNI) The World Bank and the Government of India on Monday signed the 750 million dollar agreement for the MSME Emergency Response Programme, to support the increased flow of finance into the hands of Micro, Small and Medium Enterprises (MSMEs), severely impacted by the COVID-19 crisis.
The World Bank's MSME Emergency Response 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.
This is the first step among a broader set of reforms that are needed to propel the MSME sector over time.
The agreement was signed by Sameer Kumar Khare, Additional Secretary, Department of Economic Affairs, Ministry of Finance, on behalf of the Government of India and Junaid Ahmad, Country Director (India), on behalf of the World Bank.
Mr Khare said the COVID-19 pandemic has severely impacted the MSME sector, leading to loss of livelihoods and jobs.
The Government of India is focused on ensuring that the abundant financial sector liquidity available flow to NBFCs, and the banks which have turned extremely risk averse, continue taking exposures in the economy by lending to NBFCs.
This project will support the Government in providing targeted guarantees to incentivise NBFCs and banks to continue lending to viable MSMEs, to help sustain them through the crisis.
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Tags: #World Bank# Govt of India sign $750 mn agreement for Emergency Response Programme for MSMEs
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