The World Bank has approved a US$120m loan to support the development of India's small-and medium-sized enterprises (SMEs).
The loan to the Small Industries Development Bank of India is aimed at improving SMEs’ access to finance and business development services, thereby fostering their growth, competitiveness and employment creation.
The Small and Medium Enterprise Financing and Development Project, supported by this loan, is designed to achieve this objective through a multi-pronged approach.
"Small and medium enterprises are potentially a key engine of economic growth, job creation and greater prosperity in India," said Priya Basu, senior economist at the bank.
