World Bank Group Sanctioned loan under COVID-19 Emergency Response Program for MSMEs in India
- Posted By
7th Jul, 2020
- A USD 750 Million loan was approved for the Micro Small and Medium Enterprises (MSMEs) in India by the World Bank Group.
- The amount will be disbursed through Small Finance Banks (SFBs) and Non-Banking Financial Companies (NBFCs), which will further help in strengthening the SFBs and NBFCs.
- The loan amount will be sanctioned by the lending arm of the World Bank Group- International Bank for Reconstruction and Development (IBRD).
- There will be a grace period of 5 years and the loan amount will have a maturity of 19 years.
- The total World Bank Group has committed to India to USD 2.75 billion under the COVID-19 response to India.