MIDC inks MoU with SIDBI to raise Rs 200-crore fund for MSMEs [ Current Affairs ]

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MIDC (Maharashtra Industrial Development Corporation) was signed memorandum of understanding (MoU) with state-run SIDBI (Small Industries Development Bank of India) to provide easy finance to micro, small and medium enterprises (MSMEs) for their growth. MD and CEO of SIDBI Ananta P Sarma and MIDC CEO Bhushan Gagrani was signed MoU in the presence of Maharashtra Chief Minister Devendra Fadanvis in Nashik, Maharashtra.

  • According to the MoU, SIDBI and MICD signatory parties have jointly created funds to the worth of 200 crore rupees to provide immediate finance to the MSMEs.
  • The MIDC has contributed 75 crore rupees and SIDBI has provided the remaining 125 crore rupees respectively.
  • SIDBI and MICD signatory parties jointly created fund will provide easy loan to MSMEs for their expansion, product development and other business purposes.
  • SIDBI (Small Industries Development Bank of India) headquarters in Lucknow (Uttar Pradesh) and it provides finance to micro, small and medium enterprises.

- Published on: May 14, 2015