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Government, World Bank ink USD 750 million agreement for MSME Emergency Response Programme
World Bank
The Government and the World Bank have signed a USD 750 million (around Rs 5,600 crore) agreement for the MSME Emergency Response Programme.
The Government and the World Bank have signed a USD 750 million (around Rs 5,600 crore) agreement for the MSME Emergency Response Programme. The agreement signed on Monday aims at supporting the increased flow of finance into the hands of micro, small, and medium enterprises (MSMEs) which are 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.
Ministry of Finance in a statement said 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 Additional Secretary in the Finance Ministry Sameer Kumar Khare on behalf of the Government and Country Director Junaid Ahmad, on behalf of the World Bank.
Mr Khare said that the COVID-19 pandemic has severely impacted the MSME sector leading to loss of livelihoods and jobs. He said, the project will support the government in providing targeted guarantees to incentivize Non Banking Financial Companies (NBFCs) and banks to continue lending to viable MSMEs to help sustain them through the crisis.
The World Bank Group, including its private sector arm, the International Finance Corporation will support the government's initiatives to protect the MSME sector by unlocking liquidity and NBFCs and Small Finance Banks.
Mr Ahmad said that the MSME sector is central to India's growth and job creation and will be a key to the pace of India's economic recovery, post COVID-19.
He said, the immediate need is to ensure that the liquidity infused into the system by the government is accessed by MSMEs.
