World Bank to give $750 million funding support to MSMEs

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News: The World Bank’s Board of Executive Directors has approved a $750 million MSME Emergency Response program for India.

Facts:

  • MSME Emergency Response program: It aims to support increased flow of finance into the hands of micro, small, and medium enterprises (MSMEs) which are severely impacted by the COVID-19 crisis.
  • Impact: It will address the immediate liquidity and credit needs of some 1.5 million viable MSMEs to help them withstand the impact of the current shock and protect millions of jobs. 

Additional Facts:

  • Accelerating India’s COVID-19 Social Protection Response Program (PMGKY): It is a World Bank’s programme to support India’s efforts at providing social assistance to the poor and vulnerable households severely impacted by the COVID-19 pandemic.