SIDBI looking at $ 700-900 mn foreign borrowing for 2009-10

The Small Industries Development Bank of India (SIDBI) said it is looking at foreign borrowings to the tune of $ 700-900 million for the next fiscal year.

The Small Industries Development Bank of India (SIDBI) on Tuesday said it is looking at foreign borrowings to the tune of $ 700-900 million for the next fiscal year.

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“This (foreign borrowing) is (a) substantial amount. It would be in the range of $ 700-900 million,” SIDBI Chairman and Managing Director R M Malla told reporters on the sidelines of a conference organised by Sa-Dhan in New Delhi.

The state run bank is already in talks with the World Bank and lending institutions from France, Germany and Japan to borrow money for the 2009-10 fiscal.

“World Bank, KFW (a German development bank), JICA (Japanese International Cooperation Agency) and French development bank AFD. These four are the international organisations from whom we will be borrowing substantial amount during 2009-10,” he said.

SIDBI is a state-run bank providing aid for the growth of micro, small and medium scale enterprises in India.