Business Standard

SIDBI signs MoU with Egypt for their SME sector Development

The homegrown bank would, now, not only help in income generation, employment creation in Egypt, also provide boost to strengthen India & Egypt's ties

Related News

Small Industries Development Bank of (SIDBI) today signed a tripartite memorandum of understanding (MoU) with Social Fund for Development (SFD), and the World Bank, according to which, would not only help in and creation in Egypt, but also provide boost to strengthen the ties between India and Egypt

The was signed in the presence of Mohamed Morsi, president of the Arab Republic of Egypt, who is on an official visit to India and India's commerce and industries minister Anand Sharma.  

Egypt, being the hub of Arab League, comprising 22 countries, SIDBI's support has the potential to expand to other countries, thereby paving greater role of India in western and northern African (WANA) countries and the Middle East countries.

SIDBI’s initiative would also facilitate transfer of technology from India, as also enable Indian entrepreneurs to expand their business to Egypt and other countries in the region.
 
Sushil Muhnot, chairman and managing director, SIDBI, said, "The new business initiative is mainly to leverage the experiential learning of SIDBI, accumulated over the years, as also in its associate and subsidiary organisations to help SMEs in other countries to grow in a competitive manner. Further, by creating an enabling eco-system in Egypt, SIDBI would facilitate access to finance to SMEs in Egypt."
 
N K Maini, deputy managing director, SIDBI who had earlier led the SIDBI team to Egypt for preliminary negotiations, said that the historical bond between the two countries would be further strengthened and SMEs in Egypt would benefit immensely from the expertise developed by SIDBI in several areas.  

Further, keeping in view SIDBI’s pre-eminent role in MSME financing in India, many other developing countries were also approaching SIDBI for consultancy assignments. In view of this increasing interest, the Bank had earlier set up a separate vertical with a specialized team to handle international consultancy.

Read more on:   
|
|
|
|
|

SIDBI signs MoU with Egypt for their SME sector Development

The homegrown bank would, now, not only help in income generation, employment creation in Egypt, also provide boost to strengthen India & Egypt's ties

Small Industries Development Bank of India (SIDBI) today signed a tripartite memorandum of understanding (MoU) with Social Fund for Development (SFD), Egypt and the World Bank, according to which, SIDBI would not only help in income generation and employment creation in Egypt, but also provide boost to strengthen the ties between India and Egypt Small Industries Development Bank of India (SIDBI) today signed a tripartite memorandum of understanding (MoU) with Social Fund for Development (SFD), Egypt and the World Bank, according to which, SIDBI would not only help in income generation and employment creation in Egypt, but also provide boost to strengthen the ties between India and Egypt

The MoU was signed in the presence of Mohamed Morsi, president of the Arab Republic of Egypt, who is on an official visit to India and India's commerce and industries minister Anand Sharma.  

Egypt, being the hub of Arab League, comprising 22 countries, SIDBI's support has the potential to expand to other countries, thereby paving greater role of India in western and northern African (WANA) countries and the Middle East countries.

SIDBI’s initiative would also facilitate transfer of technology from India, as also enable Indian entrepreneurs to expand their business to Egypt and other countries in the region.
 
Sushil Muhnot, chairman and managing director, SIDBI, said, "The new business initiative is mainly to leverage the experiential learning of SIDBI, accumulated over the years, as also in its associate and subsidiary organisations to help SMEs in other countries to grow in a competitive manner. Further, by creating an enabling eco-system in Egypt, SIDBI would facilitate access to finance to SMEs in Egypt."
 
N K Maini, deputy managing director, SIDBI who had earlier led the SIDBI team to Egypt for preliminary negotiations, said that the historical bond between the two countries would be further strengthened and SMEs in Egypt would benefit immensely from the expertise developed by SIDBI in several areas.  

Further, keeping in view SIDBI’s pre-eminent role in MSME financing in India, many other developing countries were also approaching SIDBI for consultancy assignments. In view of this increasing interest, the Bank had earlier set up a separate vertical with a specialized team to handle international consultancy.
image

Read More

IDBI sells $500 mn bonds in global mkts, to pay 3.75% coupon

The state-run IDBI Bank has successfully raised $500 million through a five-year bond sale

Recommended for you

Advertisements

Quick Links

More news from Finance Rss icon

2014-15 a year of financial sector reforms

Capital infusion, infra financing, FDI in insurance etc among the many noteworthy changes

LIC sees 40% growth in new premiums in March

Plans to launch Ulip soon; looks at investing in 20-year, 40-year bonds

Reserve Bank on loans in areas hit by natural calamity

A National Crop Insurance Programme was implemented from 2013 and loanee farmers are compulsorily covered under this component scheme

Back to Top