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2012-09-03

KfW to extend Euro 53 mn to SIDBI

The Loan Agreement between Kreditanstalt fur Wiederaufbau (KfW), Germany and Small Industries Development Bank of India (SIDBI) for Fifty Three million Euro (Euro 53,000,000) for the Micro, Small and Medium Enterprises (MSMEs) Innovation Finance Programme

The Loan Agreement between Kreditanstalt fur Wiederaufbau (KfW), Germany and Small Industries Development Bank of India (SIDBI) for Fifty Three million Euro (Euro 53,000,000) for the Micro, Small and Medium Enterprises (MSMEs) Innovation Finance Programme has been signed by Sushil Muhnot, Chairman and Managing Director, SIDBI and Mr Oskar von Maltzan, Director, KfW.

The MSME Innovation Finance Programme seeks to promote an environment conducive to the development and diffusion of innovations, particularly those relating to clean technologies, with the overall objective of fostering ecologically sustainable development in India and to global environment and climate protection. Specifically, the Innovation Finance Programme seeks to (a) support MSMEs and other entities engaged in the development and diffusion of innovative clean technologies and (b) catalyze the development of financing instruments specifically tailored to the requirements of innovative MSMEs. The assistance will be provided by SIDBI in the form of loan / risk capital assistance / quasi equity products specifically tailored to meet the needs of innovative MSMEs.

SIDBI has been at the forefront in implementing energy saving/efficiency and clean environment investment in the MSME sector in India. With the emphasis being placed on environmental aspects, a special line of credit for Innovation Finance in the sphere of clean technology assumes significance and could be a precursor to a series of initiatives to promote innovation and sustainable development in India.

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