MoU to pro­mote mi­cro, small and medium en­ter­prises in the SAARC re­gion

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March 21, 2016, Mum­bai, In­dia – SAARC Devel­op­ment Fund (SDF) and Small In­dus­tries Devel­op­ment Bank of In­dia (SIDBI) signed a Mem­o­ran­dum of Un­der­stand­ing at SIDBI of­fice in Mum­bai on March 21, 2016 in or­der to col­lab­o­rate for the growth and strength­en­ing of MSME sec­tor in SAARC Mem­ber States.

SDF and SIDBI shall agree to work to­gether for pro­vid­ing fund­ing in In­dia as well as other SAARC Mem­ber States for MSMEs, co-fund­ing of projects in MSMEs, plan­ning and im­ple­ment­ing of joint pro­grams wher­ever re­quired, ex­tend­ing Lines of credit to SIDBI and devel­op­ment of suit­able fi­nan­cial prod­ucts for MSMEs of the SAARC re­gion.

“We have ac­ti­vated our re­la­tion­ship with SIDBI by sign­ing the MoU in or­der to strengthen the MSME sec­tor in the SAARC re­gion. SDF is com­mit­ted to­wards pro­mo­tion of re­gional in­te­gra­tion in the SAARC re­gion through its projects and pro­grams.” Said Dr. Su­nil Moti­wal, Chief Ex­ec­u­tive Of­fi­cer of SAARC Devel­op­ment Fund.

Dr. Ksha­tra­p­ati Shivaji, IAS, Chair­man & Manag­ing Di­rec­tor of SIDBI also con­firmed SIDBI’s com­mit­ment to­wards pro­mo­tion of MSME sec­tor in SAARC re­gion through its col­lab­o­ra­tion with SAARC Devel­op­ment Fund.

Small In­dus­tries Devel­op­ment Bank of In­dia (SIDBI), set up on April 2, 1990 un­der an Act of In­dian Par­lia­ment, is the Prin­ci­pal Fi­nan­cial In­sti­tu­tion for the Pro­mo­tion, Fi­nanc­ing and Devel­op­ment of the Mi­cro, Small and Medium En­ter­prise (MSME) sec­tor and for Co-or­di­na­tion of the func­tions of the in­sti­tu­tions en­gaged in sim­i­lar ac­tiv­i­ties. SIDBI Among Top 30 Devel­op­ment Banks of the World.

SDF was es­tab­lished by the eight SAARC Mem­ber States in April 2010 to pro­mote the wel­fare of the peo­ple of SAARC re­gion, im­prove their qual­ity of life, and to ac­cel­er­ate eco­nomic growth, so­cial progress and poverty al­le­vi­a­tion in the re­gion. The Fund is to serve as the um­brella fi­nan­cial in­sti­tu­tion for SAARC projects and pro­grams which are in ful­fill­ment of the ob­jec­tives of the SAARC Charter. SDF has three fund­ing win­dows viz. So­cial, Eco­nomic and In­fra­struc­ture.

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