World Bank offers $750 million for India’s Covid-hit MSMEs

The World Bank on Wednesday announced a $750 million MSME Emergency Response program in a bid to help increased flow of finance into the hands of India’s micro, small and medium enterprises (MSMEs), severely affected with coronavirus crisis.

The aim of the programme is to ensure immediate liquidity and credit needs of some 1.5 million viable MSMEs to help them withstand the impact of the current shock and protect millions of jobs.

“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,” said Junaid Ahmad, World Bank Country Director in India.

The World Bank so far has committed $2.75 billion to support India’s emergency coronavirus response.