Odisha secures Rs 837 cr Sidbi loan to develop MSME clusters

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

Funding from the country’s leading financial institution for micro, small and medium enterprises will flow to the Odisha Industrial Infrastructure Development Corporation, which is the executing agency.

The projects include the development of five new MSME parks, the construction of 11 workers’ hostels and two MSME infrastructure support projects. Under its cluster development fund program, Sidbi is extending soft loan grants to states for upgrading various existing MSME clusters as well as creating new industrial infrastructure.

Sidbi Chairman Sivasubramanian Rammann said the focus will be on clusters in sectors/sub-sectors that can directly benefit MSMEs and take them to the next level where they emerge dynamic by moving higher up the chain. of value and remaining durable.

He also said that Sidbi will also look at supporting soft infrastructure issues in certain clusters related to technology, skills/upskilling, energy efficiency, market and credit connection, as needed. Meanwhile, the bank has also launched a pilot program in the Bargarh-Handloom cluster through its grant support.

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

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

(This story has not been edited by the Devdiscourse team and is auto-generated from a syndicated feed.)

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