Odisha gets Rs 837 cr Sidbi loan to develop MSME clusters

Small Industries Development Bank of India (Sidbi) has sanctioned a Rs 837-crore support under its cluster development fund scheme to Odisha to help develop 18 MSME infrastructure projects.

The funding from the nation's principal financial institution for micro, small and medium enterprises will be to the Odisha Industrial Infrastructure Development Corporation, which is the implementing agency.

The projects include development of five new MSME parks, construction of 11 workers hostels and two projects to support MSME infrastructure.

Under its cluster development fund scheme, Sidbi extends moderately priced loan assistances to the states for upgrading various existing MSME clusters as also to create new industrial infrastructure.

Sidbi chairman Sivasubramanian Ramann said the focus will be on clusters in sectors/sub-sectors which can directly benefit the MSMEs and to bring them to a next level wherein they emerge vibrant by moving higher on the value chain and remain sustainable.

He also said Sidbi will also examine supporting the soft infrastructure issues in select clusters relating to technology, skilling/upskilling, energy efficiency, market and credit connect, on need basis.

Meanwhile, the bank has also launched a pilot programme in the Bargarh-Handloom Cluster via its grant support.

He further said under the ongoing EU Switch Asia Bamboo project run by Sidbi in the five districts of Balangir, Bargarh, Sambalpur, Sonepur, Anugul, which aims to generate an alternative source of livelihood as well as to promote an alternative for timber, it has trained 342 artisans and bankers and 229 units grounded till date.

The national developmental lender has also inked an agreement with the state to set up project management unit to strengthen the MSME ecosystem.