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Sidbi sets up Rs 1000 cr Make in India fund

85Sidbi has set up a Rs 1000 crore ‘Make in India’ fund for MSMEs. The development bank said the objective is to make the MSMEs world class manufacturing hub and under the fund, concessional finance will be provided to the identified MSME sectors. The decision to set up the fund was taken at the AGM of the bank. Kshatrapati Shivaji, CMD, said the bank has completed 25 years of services to the MSME sector in addressing various credit and developmental gaps in the MSME eco-system and during this period it has provided financial assistance of Rs 3.90 lakh crore which benefitted 346 lakh people in the MSME sector. The bank, in order to promote energy efficiency in the MSME sector, has signed an agreement with World Bank for ‘Partial Risk Sharing Facility for Energy Efficiency (PRSF) Projects’ with a total outlay of $43 million, consisting of a guarantee fund of $37 million and technical assistance of a total of $6 million. The objective of the project is to support the the government’s efforts to transform the energy efficiency (EE) market in India by promoting increased level of EE investments, particularly through energy service performance contracting (ESPC) delivered through Energy Service Companies (ESCOs).

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