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World Bank approves $500 mn program to help boost India’s MSME sector

World Bank approves $500 mn program to help boost India's MSME sector_50.1

The World Bank’s Board of Executive Directors has approved a USD 500 million programs to support India’s nationwide initiative to revitalise the MSME sector, which has been heavily impacted by the COVID-19 crisis. The MSME sector is the backbone of India’s economy, contributing 30% of India’s GDP and 4% of exports.

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The USD 500 million Raising and Accelerating Micro, Small and Medium Enterprise (MSME) Performance (RAMP) Program is the World Bank’s second intervention in this sector, the first being the USD 750 million MSME Emergency Response Program, approved in July 2020 to address the immediate liquidity and credit needs of millions of viable MSMEs severely impacted by the ongoing COVID-19 pandemic.

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World Bank approves $500 mn program to help boost India's MSME sector_60.1

World Bank approves $500 mn program to help boost India's MSME sector_70.1

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