World Bank allots 750m for MSMEs

The World Bank on Wednesday announced a 750million support for 15 crore Indian small businesses to help improve access to liquidity for viable entities to deal with COVID-19.

World Bank country director in India Junaid Ahmad said that the support to micro, small and medium enterprises (MSMEs), is part of the lender’s development Policy loan, which is a direct budget support. “In development policy loans, we do not fund specific expenditure, we give direct budget support when the government puts together a policy framework that we believe deserves support” he said.

The latest assistance will take the funding provided by the multilateral agency to $5.1 billion during 2019-20, (its financial year ends on June 30th ) the highest in a decade.

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