Small Industries Development Bank of India (SIDBI) is expecting US$120m from World Bank and another US$30m pound from UK-based Department for International Development (DfID) shortly for boosting credit to small companies.
The bank is also planning to raise about Rs 15bn from the domestic market through capital gains and priority sector bonds next fiscal, Sidbi chairman N Balasubramanian said.
”We are expecting US$120m assistance from World Bank shortly. Some formalities are left,” he said.
Centre will provide counter-guarantee to the bank for getting the World Bank assistance for the Sidbi SME Fund.
After Sidbi gets the assistance from World Bank, another multilateral agency DfID will provide Ј30m.
Sidbi will utilise the funds to boost SMEs in 25 clusters. So far, the bank has identified 2-3 clusters like the auto ancillary clusters of Gurgaon and Pune and knitwear clusters of Tirupur and Ludhiana.
