Financial Daily from THE HINDU group of publications
Thursday, Dec 02, 2004
Financial Daily from THE HINDU group of publications Thursday, Dec 02, 2004 |
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Money & Banking
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Financial Institutions SIDBI to get $120 m from World Bank Our Bureau
Mumbai , Dec. 1 TO strengthen the country's small and medium enterprises (SMEs) sector, the World Bank has approved a $120-million (around Rs 540 crore) loan to Small Industries Development Bank of India. The loan, guaranteed by the Government of India, is aimed at improving SME access to finance and business development services thereby fostering growth, competitiveness and employment creation, the Bank said in a release. Although the potential of SMEs in India to drive growth and create jobs is well known, they have failed to be the engines of growth because of problems in accessing adequate and timely finance and business development services. Banks are not too keen to lend to SMEs because of high transaction costs and perceived risks of SME lending in the face of insufficient credit information, inadequate credit appraisal and risk management skills, poor repayment records and low market credibility of SMEs, the Bank remarked.
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