02 May 2016 Current Affairs GK: The Small Industries Development Bank of India (SIDBI) has inked MoU with SAARC Development Fund (SDF) for mutual cooperation and collaboration. The MoU was signed by SIDBI Deputy Managing Director A K Kapur and SDF CEO Sunil Motiwal. MoU envisages SDF and SIDBI to work together in co-funding of projects in Indian MSMEs on risk sharing basis in identified sectors.
Development of suitable financial products for SME financing for MSMEs of other Saarc states, the Finance Ministry said in a statement.Technology transfer and making available software to MFIs regarding loan tracking systems in other SAARC states. Capacity development of SDF, SIDBI and SME funding institutions in SAARC countries.
SIDBI: It is an independent financial institution aimed to aid the growth and development of micro, small and medium-scale enterprises (MSMEs).
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