World Bank approves USD 500 mn program to boost MSME sector in India

The Board of Executive Directors of World Bank has approved USD 500 million program to support India in its nationwide initiative of revitalising the MSME sector, which has been heavily impacted by the COVID-19 crisis.
The USD 500 million support has been extended by the World Bank through its Raising and Accelerating Micro, Small and Medium Enterprise (MSME) Performance (RAMP) Program.
This is the second phase of support by World Bank to India in this sector through RAMP program. Earlier, it approved USD 750 million MSME Emergency Response Program, in July 2020 to address the immediate liquidity and credit needs of millions of viable MSMEs severely impacted by the ongoing COVID-19 pandemic.
The support will help Government of India to increase MSME productivity and financing in the economic recovery phase, and tackle long-standing financial sector issues that are holding back the growth of the MSME sector.