July 1, 2020 / 6:17 AM / a month ago

World Bank approves $750 mln loan for India small businesses hit by pandemic

July 1 (Reuters) - World bank India Director Junaid Ahmad:

* SAYS WORLD BANK OFFERED LOANS WORTH $2.75 BILLION TO INDIA IN LAST 3 MONTHS, ABOUT 50% OF ANNUAL LENDING TO THE COUNTRY

* SAYS WORLD BANK’S ANNUAL LENDING TO INDIA AT $5.13 BILLION, HIGHEST IN A DECADE

* SAYS WORLD BANK APPROVES $750 MILLION LOAN FOR LENDING TO INDIA’S SMALL BUSINESSES IMPACTED BY COVID-19 CRISIS

NEW DELHI, July 1 (Reuters) - The World Bank has approved a $750 million loan to India for extending lending to micro, small and medium enterprises (MSMEs) severely hit by the pandemic, a top official of the bank said on Wednesday.

“The MSME sector is central to India’s growth and job creation and will be key to the pace of India’s economic recovery, post COVID-19,” Junaid Ahmad, World Bank’s director for India, told reporters at a virtual conference.

The loan from the International Bank for Reconstruction and Development (IBRD), private arm of the World Bank, will have a maturity of 19 years, including a 5-year grace period, the bank said in a statement. (Reporting by Manoj Kumar; Editing by Tom Hogue)

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