New Delhi, Sept. 7 -- Finance Ministry has secured USD 1 billion from the International Finance Corporation (IFC) to help banks and financial institutions expand long-term credit to micro, small and medium enterprises (MSMEs).

The facility complements the government's credit support measures, including the Emergency Credit Line Guarantee Scheme (ECLGS), and will enable MSMEs to access loans with tenures of up to seven years.

USD 500 Million Already Provided To SIDBI

IFC has already provided USD 500 million to the Small Industries Development Bank of India (SIDBI) from its own resources, while the remaining USD 500 million will be mobilised through SIDBI's lender syndicate, reported Economic Times.

The funding has been structured as a ...