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News

World Bank approves USD 750 mln loan for India-based MSMEs

Wednesday 8 July 2020 12:17 CET | News

The World Bank has approved a loan of USD 750 million to help increase the flow of finance into the hands of MSMEs in India.

These enterprises are the worst hit by the coronavirus-caused pandemic and consequent economic shutdown. The government announced that this package will support the MSME industry under its self-reliant India program. The world bank’s MSME emergency response program will cater the immediate liquidity and credit requirements of nearly 1.5 million enterprises. 

The Indian MSME sector currently holds a share of 30% in the total GDP of the country and 40% of exports and provides employment to nearly 150 to 180 million people. The sector is now facing stress due to cancelled orders, loss of customers, and disrupted supply chain. All this is leading to a decline in their operational revenue.

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Keywords: World Bank, loan, MSME, India, MSMEs, coronavirus, pandemic, economic shutdown, liquidity, credit requirements, supply chain disruption
Categories: Banking & Fintech
Companies:
Countries: India
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Banking & Fintech

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