Mumbai : Small Industries Development Bank of India (SIDBI) and Bahrain Development Bank (BDB) today signed a MoU at New Delhi, in the presence of His Majesty King Hamad Bin Isa Al-Khalifa of the Kingdom of Bahrain, who is on a state visit to India. The MoU was signed by Sh. Ahmed bin Mohamed, Minister of Finance, Bahrain and Shri N. K. Maini, Deputy Managing Director, In-charge, SIDBI. A high level business delegation from Bahrain was also present on the occasion.

In terms of the MoU, SIDBI would provide technical assistance / facilitate activities of BDB Group in the areas of risk management and credit appraisal, training of 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, Shri N. K. Maini mentioned that, the MOU while providing a fee based income to SIDBI derived from sharing its knowledge and learning with Bahrain Development Bank, the MoU will also enable Indian micro, small and medium enterprises to expand their business to Bahrain.

SIDBI is India’s apex level development finance institution for the development, promotion and financing of MSMEs in India. BDB is Bahrain’s leading Development Financial Institution in Bahrain. Its mission is to promote entrepreneurship and innovation, develop the small and medium enterprises and assist in the self-employment in Bahrain through its financial and advisory services.

SIDBI has been working on addressing identified gaps in the MSME eco system and develop niche products, processes and delivery channels to address various gaps, such as, financing both in debt and equity funding through structured and innovative products. SIDBI is committed to play the role of a catalyst by augment the resources of banks and NBFCs through refinance and resource support for the growth of the sector.

Source :  Sachin Murdeshwar