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SIDBI sanctions Rs 837 cr in Odisha for developing MSME clusters

SIDBI sanctions Rs 837 cr in Odisha for developing MSME clusters

Mumbai, March 27 (UNI) The Small Industries Development Bank of India (SIDBI) said on Sunday that it has partnered with the government of Odisha and sanctioned Rs 837 crore for the development of MSME infrastructure projects in the state. It sanctioned support of Rs 837 crore under its SIDBI Cluster Development Fund Scheme (SCDF) to the Government of Odisha, the development of 18 MSME infrastructure projects to be implemented by Odisha Industrial Infrastructure Development Corporation (IDCO ), the lender said in a statement. issued here. The projects include the development of five new MSME parks, the construction of 11 worker hostels and two MSME support infrastructure projects. Under its SCDF program, SIDBI has provided soft loan assistance to state governments for the upgrading of various existing MSME clusters, as well as the creation of new industrial infrastructure in the state. “The focus should be on clusters in sectors/sub-sectors, which can directly benefit MSMEs in the state and take them to a ‘next’ level, in which they emerge dynamic by moving higher up the chain value and becoming sustainable,” said Sivasubramanian Rammann, IA&AS, CMD SIDBI. SIDBI will complement its in-state offerings with its tailored direct lending products channeled into supported clusters, setting an example for other institutions to adopt and replicate, he added. “SIDBI will also consider supporting soft infrastructure issues in select clusters related to technology, skills/upskilling, energy efficiency, market and credit connection, as needed,” Rammann said. UNI PSK RJ