SIDBI and Business Association of Nagas sign MoU to strengthen MSME ecosystem
The Small Industries Development Bank of India (SIDBI), under the programme for capacity building of business member organisations (PROMO) scheme, has signed a Memorandum of Understanding (MoU) with the Business Association of Nagas
Officials of SIDBI and BAN after signing the MoU at the
White Owl in Chümoukedima on Tuesday.
- DIMAPUR — The Small Industries Development Bank
of India (SIDBI), under the programme for capacity building of
business member organisations (PROMO) scheme, has signed a Memorandum of
Understanding (MoU) with the Business Association of Nagas (BAN) on Tuesday at
The White Owl, 7th Mile, Chümoukedima.
- An update from BAN stated that the collaboration aims to
promote and develop the MSME ecosystem in Nagaland with a focus on capacity
building and improve access to credit for BAN members.
- The MoU was formally signed by L Mongkum Jamir, president of
BAN, and Bhanu Prakash Verma, SIDBI general manager of Guwahati region, in the
presence of officials from both organisations. The event included a
presentation on the objectives of the agreement and an overview of various
financial and developmental assistance schemes offered by SIDBI.
- It mentioned that SIDBI plays a pivotal role in
strengthening the MSME sector by providing financial support, promoting green
initiatives, facilitating capacity building, offering technical assistance and
engaging in policy advocacy to drive inclusive economic growth across India.
- It added that SIDBI has been present in Nagaland since its
inception in 1990, initially focusing on promotional and developmental
activities including skill training programmes and establishment of common
facility centres to benefit cluster-specific entrepreneurs. However, in the
past two years, SIDBI has expanded its role by offering direct financial
assistance to MSMEs in Nagaland, alongside its existing promotional,
developmental, and CSR initiatives.
- It further stated that SIDBI has been actively working with
the Government of Nagaland to fund various MSME-linked projects under the SIDBI
cluster development fund (SCDF), modeled after the NABARD rural infrastructure
development fund (RIDF). The initiative seeks to enhance infrastructure and
industrial development, fostering sustainable growth for MSMEs in the region.
