ADB Boosts India’s SMEs

The Asian Development Bank will provide a USD30 million financing package to support the development and expansion of small and medium-sized enterprises in India, IANS reports. The package consists of a USD50 million loan and a USD250million partial credit guarantee. The loan will be given to state-owned Small Industries Development Bank of India to help finance enterprises unable to secure financing from traditional microfinance groups and commercial banks. Meanwhile, the credit guarantee will allow public commercial banks to access international capital markets and secure funds to support their existing small business clients.

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    Ivy Mungcal

    As former senior staff writer, Ivy Mungcal contributed to several Devex publications. Her focus is on breaking news, and in particular on global aid reform and trends in the United States, Europe, the Caribbean, and the Americas. Before joining Devex in 2009, Ivy produced specialized content for U.S. and U.K.-based business websites.