NEW DELHI: The World Bank has approved a US$750 mil (RM3.21 bil) loan to India for extending lending to micro, small and medium enterprises (MSMEs) severely hit by the pandemic, a top official of the bank said on Wednesday.
“The MSME sector is central to India’s growth and job creation and will be key to the pace of India’s economic recovery, post-Covid-19,” Junaid Ahmad, World Bank’s director for India, told reporters at a virtual conference.
The loan from the International Bank for Reconstruction and Development (IBRD), the private arm of the World Bank, will have a maturity of 19 years, including a 5-year grace period, the bank said in a statement. – July 1, 2020, Reuters
