ADB to provide USD 300 mn loan to SIDBI | business | Hindustan Times
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ADB to provide USD 300 mn loan to SIDBI

business Updated: May 04, 2010 23:38 IST

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The Asian Development Bank will provide $ 300 million loan assistance to SIDBI for lending to micro, small and medium-sized enterprises, Parliament was informed today.

"An agreement has been signed with ADB for a loan of $ 50 million (about Rs 224 crore) to the Small Industries Development Bank of India (SIDBI) on March 19," Minister of State for Finance Namo Narain Meena said in a written reply to the Rajya Sabha.

ADB has also approved a loan facility of $ 250 million (about Rs 1,120 crore) for MSMEs, he said.

The loan will be released over 15 years and SIDBI has been authorised as the borrowing and executing agency for the loan, he added.

"The action plan prepared by the government for utilisation of the loan for promotion of MSMEs in the country provides for channelising the loan to micro enterprises in 12 states under SIDBI's supervision," Meena said.

Qualified female entrepreneurs are to be given preference in accessing the loan, he said.