SIDBI-SDF inks pact for SME financing and development

New Delhi, Apr 30 (KNN) SIDBI has joined hands with Saarc Development Fund (SDF) to jointly work towards co-funding Indian MSMEs on risk sharing basis and developing suitable financial products for SME financing of other Saarc states.

 With this endeavour, Small Industries Development Bank of India (SIDBI) has signed a memorandum of understanding (MoU) with SDF for mutual cooperation and collaboration.

The MoU envisages SDF and SIDBI to work together in co-funding of projects in Indian MSMEs on risk sharing basis in identified sectors, development of suitable financial products for SME financing for MSMEs of other Saarc states, the Finance Ministry said in a statement.

The MoU also envisages technology transfer and making available software to MFIs regarding loan tracking systems in other Saarc states and capacity development of SDF/SIDBI and SME funding institutions in SAARC countries, it added.