World Bank approves 500 million dollar program to help boost India's MSME sector
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The USD 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 Rs 750 million MSME Emergency Response Program, approved in July last year. World Bank Country Director Junaid Ahmad said, the MSME sector, a critical backbone of India's economy, has been hard hit by the COVID-19 pandemic. The RAMP program will provide better access to finance and working capital for MSMEs by strengthening the receivable financing markets. It will also scale up online dispute resolution mechanisms to address the problem of delayed payments.
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