Saturday, 11 July 2020 08:22

People's Bank ties up with the IDB to develop MSMEs

People's Bank has tied up with the Industrial Development Board (IDB) to initiate a programme to develop Micro, Small and Medium Enterprises (MSMEs) in the country.

A special event to announce the partnership was organised at the People's Bank Staff Training College recently.

Based on the agreement, People’s Bank and the IDB have decided to empower around 5,000 MSMEs with technical and managerial support together with proper financial facilities to ensure sustainability of their businesses.

The main objective of the project is to develop the industries with greater potential for export, import substitution, domestic value addition and employment generation.

The project is to be financed by the customized credit facilities offered by People’s Bank. MSMEs recognized and strengthened managerially, technologically and via market accessibility by the IDB are directed to the Bank for financial support.

The respective loan amount will be decided based on the requirement and the financial feasibility and viability of the project.

The loans are to be considered subject to the conditions which are stipulated in the relevant SME loan products. Follow up and review of the loans and the scaling of the businesses will be carried out by the People’s Bank in collaboration with IDB.

(LIN)

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