Small Industries Development Bank of India (SIDBI), country’s principal financial institution engaged in the promotion, financing, and development of Micro, Small and Medium Enterprises (MSME), has entered into a memorandum of understanding (MoU) with the Uttar Pradesh Expressways Industrial Development Authority (UPEIDA) to enlarge the financial outreach and to support MSMEs in Aerospace and Defence (A&D) sector through direct financing.
The MoU was signed by deputy managing director of SIDBI V Satya Venkata Rao and CEO of UPEIDA Awanish Kumar Awasthi. Under the MoU, SIDBI will consider funding financial requirements of MSMEs setting up units in the Uttar Pradesh Defence Industrial Corridor (UPDIC) and other industrial areas developed by UPEIDA.
As regards the arrangement with UPEIDA, V Satya Venkata Rao said that SIDBI’s emphasis is on strengthening the MSME eco-system and realising the government’s ideology of ‘Make In India’ and making India self-reliant.
“This arrangement will support MSMEs setting up industrial units in the state of Uttar Pradesh by meeting their credit needs as well as addressing credit-plus requirements,” he said.