SIDBI, Bahrain Development Bank ink deal to help small businesses
Posted on Feb 19 2014 | IANS
New Delhi, Feb 19 : The government-run Small Industries Development Bank of India (SIDBI) Wednesday signed an agreement with Bahrain Development Bank (BDB) to assist small businesses in establishing operations.
Bahrain's Finance Minister Ahmed bin Mohamed on behalf of Bahrain Development Bank and SIDBI deputy managing director N.K. Maini signed a Memorandum of Understanding (MoU) here in the presence of Bahrain's King Hamad bin Isa Al-Khalifa.
Accompanied by 150 member high-level business delegation, the Bahraini king is on a three-day official visit to India.
As per the agreement, SIDBI would provide technical assistance and facilitate activities of BDB Group in the areas of risk management and credit appraisal. It will also provide training to BDB Group officials in SME credit risk appraisal and related areas, in framing a suitable monitoring policy and NPA management system and in exploring tie up of Indian micro, small and medium enterprises with SMEs in Bahrain for mutual benefit.
Speaking on the sidelines of the MoU signing ceremony, Maini said the MoU would enable Indian micro, small and medium enterprises to expand their business to Bahrain.
SIDBI is responsible for development, promotion and financing of micro, small and medium enterprises in India, while BDB is Bahrain's leading Development Financial Institution.