World Bank Group Sanctioned loan under COVID-19 Emergency Response Program for MSMEs in India

A USD 750 Million loan was approved for the Micro Small and Medium Enterprises (MSMEs) in India by the World Bank Group.
The amount will be disbursed through Small Finance Banks (SFBs) and Non-Banking Financial Companies (NBFCs), which will further help in strengthening the SFBs and NBFCs.
The loan amount will be sanctioned by the lending arm of the World Bank Group- International Bank for Reconstruction and Development (IBRD).
There will be a grace period of 5 years and the loan amount will have a maturity of 19 years.
The total World Bank Group has committed to India to USD 2.75 billion under the COVID-19 response to India.