MIDC inks MoU with SIDBI to raise Rs 200-crore fund for MSMEs

Maharashtra Industrial Development Corporation (MIDC) has inked memorandum of understanding (MoU) with state-run Small Industries Development Bank of India (SIDBI) to provide easy finance to micro, small and medium enterprises (MSMEs) for their growth.
The MoU was signed Ananta P Sarma, MD and CEO of SIDBI and MIDC CEO Bhushan Gagrani in the presence of Maharashtra Chief Minister Devendra Fadanvis in Nashik, Maharashtra.
As per the MoU, both signatory parties have jointly created funds to the tune of 200 crore rupees to provide immediate finance to the MSMEs.
Of the total amount, the MIDC has contributed 75 crore rupees, while SIDBI has provided the remaining 125 crore rupees.
This jointly created fund will provide easy loan to MSMEs for their expansion, product development and other business purposes.  The rate of interest at which this easy finance will be provided to the MSMEs has not been decided yet.

Month: Current Affairs - May, 2015