Cabinet approved $808 million programme to improve and accelerate the performance of MSMEs

Cabinet approved $808 million programme to improve and accelerate the performance of MSMEs

• The government authorized a World Bank-backed programme costing USD808 million to aid and improve the functioning of the country’s Micro, Small and Medium Enterprises (MSMEs).
• The government said in an official statement that it would support various COVID-19 pandemic-related resilience and recovery interventions of the enterprises and that it would begin in financing at a meeting of the Union Cabinet chaired by Prime Minister Narendra Modi, which envisions a programme called ‘Raising and Accelerating MSME Performance’ (RAMP) and is supported by a World Bank-assisted central sector scheme, the government said.
• The loan from the World Bank’s International Bank for Reconstruction and Development will be for USD500 million, with the remaining $308 million coming from the Centre, according to the statement.
• The loan from the World Bank’s International Bank for Reconstruction and Development will be for 18.5 years, with a 5.5-year grace period.

Published date : 01 Apr 2022 06:49PM