The Small Industries Development Bank of India (SIDBI) has started negotiations with KfW for a €40-million line of credit, which will be part of its overall plan to mobilise resources during the current fiscal. SIDBI, which expects to have a direct credit exposure of Rs 5,000 crore by end-March 2006, is planning to raise substantial funds over the next few months. As much as US$120 million has been tied up, courtesy World Bank; of this, US$40 million has been drawn already. Additional resources have also been finalised with the Department for International Development (DFID) of the UK. SIDBI, which signed an MoU with UCO Bank today to increase the flow of credit to small- and medium-sized enterprises (SMEs), has decided to forge similar arrangements with a couple of other banks, said N. Balasubramanian, its Chairman and managing director.
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