IDBI Bank signs USD 340 mn loan pact with Germany's KfW to finance MSME, infra sector
Updated: Nov 15, 2013 04:07:37pm
According to a media report, the agreement was signed in the national capital and the money will be used for on-lending directly or indirectly through micro-finance institutions and non-banking finance companies.
The loan had a maturity of 10 years and carries a competitive rate of interest, IDBI Bank said in a statement yesterday.
A part of the loan is dedicated for selected infrastructure projects to support municipalities and communities to improve health and living conditions.
The 10-year soft-loan was arranged through IDBI's DIFC Branch in Dubai.
KfW is a German government-owned development bank, based in Frankfurt. It is owned by the Federal Republic of Germany (80 per cent) and the States of Germany (20 per cent). The KfW bank provides assistance to German SMEs including individual entrepreneurs and start-ups. (KNN/SD)