IDBI Bank Ltd, through its DIFC Branch in Dubai, has signed a loan agreement for USD 340 million with KfW, Germany. The loan has a maturity of 10 years and carries a competitive rate of interest. Shri Melwyn Rego, Deputy Managing Director of IDBI Bank Ltd. represented IDBI Bank Ltd. and Dr. Norbert Kloppenburg, Member of the Executive Board of KfW represented KfW at the signing ceremony held in New Delhi.
IDBI Bank Ltd, through its DIFC Branch in Dubai, has signed a loan agreement for USD 340 million with KfW, Germany. The loan has a maturity of 10 years and carries a competitive rate of interest. Shri Melwyn Rego, Deputy Managing Director of IDBI Bank Ltd. represented IDBI Bank Ltd. and Dr. Norbert Kloppenburg, Member of the Executive Board of KfW represented KfW at the signing ceremony held in New Delhi.
The loan would be availed by IDBI Bank Ltd. for funding loans to the micro-, small- and medium-sized enterprises (MSME) directly or indirectly through Microfinance Institutions (MFI's) and Non Banking Finance Companies (NBFC's). Part of the loan is dedicated for selected infrastructure projects to support municipalities and communities to improve health and living conditions.
Commenting on the occasion, Shri Melwyn Rego, Deputy Managing Director, IDBI Bank Ltd. stated that the Bank is committed to provide financial support to the MSME sector which is one of the thrust areas of the Bank. This loan from KfW would provide further impetus in our endeavor of meeting the growing financial needs of this sector which plays a vital role in the country's economic growth.
Shri N.S. Venkatesh, Chief General Manager, IDBI Bank Ltd., while speaking at the event, said this transaction with KfW is the testimony to the long standing relationship between IDBI Bank Ltd. and KfW which goes back to more than two decades. "With this credit line, KfW is providing the IDBI with an important and broadly effective contribution towards creating income and fighting poverty in India. Growth among small companies triggers local demand and consumption, secures employment and is a key factor in the creation of new jobs", said Dr Norbert Kloppenburg, member of the Executive Board of the KfW Group.
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