Development Banks

Sidbi partners C2treds, UGRO Capital to facilitate loans to MSME sector

Small Industries Development Bank of India (SIDBI) has partnered with C2treds and UGRO Capital to facilitate loans to the MSME sector. SIDBI has onboarded C2treds, a platform that offers MSMEs liquidity within 24 hours through an online bidding process, C2FO said in a release. C2FO is an on-demand working capital platform, providing fast, flexible and equitable access to low-cost capital to nearly 2 million businesses worldwide. "Through this strategic collaboration, C2treds aims to enhance liquidity for MSMEs at competitive interest rates," it said. C2treds operates under the Trade Receivables Discounting System (TReDS) initiative which enables the discounting of invoices and is regulated by the Reserve Bank of India (RBI) to support the MSME sector in India. As the apex institution for the promotion and development of MSMEs, SIDBI is fully committed to increasing the flow of credit to MSMEs. TReDS has become an effective tool for the prompt realization of MSMEs' receivables and

Manoj Mittal takes charge as Sidbi's CMD after appointment by Centre

Manoj Mittal has taken charge as Chairman and Managing Director of Small Industries Development Bank of India (SIDBI), following his appointment by the Centre. Prior to this, he was the managing director of Industrial Finance Corporation of India (IFCI). Mittal has over 33 years of experience in the financial services sector, including his previous tenures as MD and CEO of IFCI and Deputy Managing Director at SIDBI, an official statement said.

Sidbi to tap humble postmen to support micro-entrepreneurs across country

Due to our lending obligations, we cannot directly lend, we are utilising Sidbi to provide the loans. Approval from the Reserve Bank of India is still pending, Senior official from IPPB said

Phase IV of LS polls: Most constituencies lag on key development metrics

All 96 constituencies likely to miss 2030 anaemia target for women

Germany-based KfW Development Bank to fund Bengaluru Suburban Rail Project

The Bengaluru Suburban Railway Project on Saturday got a major thrust when a loan agreement was signed with KfW Development Bank, Germany, by Rail Infrastructure Development Company (Karnataka) Limited (K-RIDE) in New Delhi on December 15. As per the agreement, KfW Development Bank will provide Euro 500 million (Rs 4,552 crore) and a grant of Euro 4.5 million (Rs 41 crore) for the BSRP. The loan agreement is meant for Corridor-1 from Bengaluru City Railway Station to Devanahalli and Corridor-3 from Kengeri to Whitefield. K-RIDE said in a statement that the agreement was signed in the presence of senior officials from the Department of Economic Affairs, Ministry of Finance, Government of India and the Government of Karnataka, and KfW officials. "The loan was signed for Euro 500 million (Rs 4,552 crore) and a grant of Euro 4.5 million (Rs 41 crore). The signing of this loan agreement will facilitate invitation of Corridor-1, Corridor-3 and system tenders and further expedite progress

MDBs need to shift to informed risk-taking, says G20 group report

Singh said that MDBs have to make their own assessment and putting additional money is not untouchability

FM Nirmala Sitharaman meets MDBs ahead of Morocco summit next week

During the Leaders Summit in New Delhi, G20 Leaders emphasised the need for reforms to deliver better, bigger, and more effective MDBs

MDBs need to be bolder, bigger: 15th Finance Commission chairman N K Singh

The Delhi declaration which came after the submission of volume one was very positive

MDBs should improve engagement with private sector: G20 expert group

Report also highlights huge scope for augmenting capital via non-traditional mechanisms such as hybrid capital, and much greater use of portfolio and capital guarantees

Paris summit: Development banks can boost lending by $200 billion

"We ... expect an overall increase of $200 billion of MDBs' lending capacity over the next ten years by optimising their balance sheets and taking more risks," the summit's final statement said

Global public goods should be financed from add'l resource allocation: FM

Her call not to divert resources from World Bank's two priorities of eliminating poverty and promoting shared prosperity find acceptance by expert group

Expert group on MDB reform to focus on development, green finance

Expert group will hold first in-person meeting in Washington next week

G20 expert group formed for strengthening multilateral development banks

Under the aegis of India's G20 Presidency, a 11-member expert group has been set up to suggest measures to strengthen multilateral development banks (MDBs). The finance ministry in a statement said Professor Lawrence Summers ( President Emeritus, Harvard University) and N K Singh (Former Chairperson, 15th Finance Commission of India) are co-convenors of the G20 Expert Group on strengthening MDBs. The panel would work on making a road map for an updated MDB ecosystem for the 21st century, touching upon all aspects of MDB evolution, and mechanisms for coordination among such banks to address and finance global development and other challenges more effectively. The panel would also evaluate various estimates regarding the scale of funding required by and from MDBs for addressing their and member countries' increased financing needs for SDG and transboundary challenges. The expert group will submit its report to the Indian Presidency of G20 before June 30, 2023, the ministry said.

PM bats for strengthening multilateral development banks to meet challenges

The prime minister said even as the world population has crossed 8 billion, progress on Sustainable Development Goals seems to be slowing down

Empowering Gati Shakti

Done the right way, the smart platform for infrastructure planning and execution could lead to tremendous productivity benefits

Development banks pass climate 2019 goal, urged to help poor more

The world's top development banks provided more than $80 billion last year to help countries tackle climate change, passing a goal they set in 2019, according to a report published Friday. The European Investment Bank, or EIB, said it and seven other financial institutions committed almost $50.7 billion to low- and middle-income countries, and over $31 billion to rich nations in 2021. Multilateral development banks such as the EIB and the World Bank had pledged three years ago to collectively achieve those targets by 2025. Still, the banks have faced calls to step up their lending for climate projects even more, particularly to struggling economies which are unable to finance projects in other ways. United Nations Secretary-General Antonio Guterres said this week that development banks' current business models were painfully averse to risk. This causes projects such as renewable energy installation to be many times more expensive in poor countries than in rich nations, he said.

Nestle to invest $1 billion towards sustainable coffee farming plan

The new plan builds on a previous coffee-sustainability effort that started 12 years ago involving around 100,000 farmers; the goal is to double that in the coming years

BRICS bank to open India's regional office in GIFT City in Gujarat

The Indian Regional Office will be instrumental in enhancing NDB's engagement with borrowers and stakeholders

Sustainable bond issuance volumes of FIs, DBs to approach $300 bn in 2021

According to Moody's Investor Service, this expectation is based on the average annual rate of growth in green bond issuance since 2015

National DFI can fill key gap by funding infra firms in mid-growth stage

DFIs have globally and historically been used to finance a country's development and infrastructure requirements, projects of national importance that might not conform to commercial return standards