TIL Desk/Business/New Delhi/ The World Bank has approved a $500 million program to support the Government of India’s nationwide initiative to revitalize the MSME sector. The program targets improvements in the performance of 555,000 MSMEs and is expected to mobilize financing of $15.5 billion, as part of the government’s $3.4 billion MSME Competitiveness.
The $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 $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. To date, 5 million firms have accessed finance from the government program.
