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Wednesday, March 20, 2013

SIDBI signs tripartite MoU with Egyptian body, World Bank

Small Industries Development Bank of India (SIDBI) has signed a tripartite Memorandum of Understanding (MOU) with Social Fund for Development (SFD) Egypt and the World Bank.

The MOU was signed in the presence of visiting Egyptian President Mohamed Morsi and Commerce and Industry Minister Anand Sharma here today.

Under the MOU, SIDBI and its associates will provide consultancy for three year period to SFD and establish credit guarantee system for micro, small and medium enterprises in Egypt, Sushil Muhnot, Chairman & Managing Director, SIDBI told Businessline.

SIDBI will also help SFD in cluster development, introduction of venture capital and risk capital products in Egypt besides developing responsible micro-finance in that country, Muhnot said.

World Bank is carrying out a SME development project in Egypt and will fund the technical assistance/consultancy to be provided by SIDBI, it is learnt.

Source: thehindubusinessline


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