World Bank Approves $500 To Help Various Indian MSMes
- ByStartupStory | June 8, 2021
MSME – Ministry of Micro, Small & Medium Enterprises suffered a huge backlash and loss, a consequence of devastating covid-19 second wave in India. To boost MSME India has launched a nationwide initiative. To help in the cause, World Bank executive directors approved a $500 programme initiative. A move welcomed by the Indian government. According to the official statement, the programme aims at mobilising 555,000 MSMEs with an expenditure of $15.5 billion, as part of the Indian government’s $3.4 billion MSME Competitiveness – A Post-COVID Resilience and Recovery Programme
This financial initiative programme, is World BAnk’s second investment in Indian MSMEs – the first was the approval of a $750 million MSME Emergency Response Program, during the first wave of covid-19 in July 2020. It was an essential move to immediately liquify credit needs of millions of viable MSMEs. Last year alone, 5 million firms benefited from this programme. This time the programme aims at helping the businesses return back to pre – pandemic employment and production rate.
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