The Hindu Business Line : UTI Bank, IFC arm join hands for SME financing

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New Delhi Feb. 21 The International Finance Commission's South Asia Enterprise Development Facility (SEDF) will support UTI Bank in expanding its operations to the North-East.

The main objective of this partnership is to improve access to finance for micro, small and medium enterprises (MSMEs) in that region.

For this purpose, a memorandum of understanding has been signed between IFC-SEDF and UTI Bank.

The scope of the collaboration would include development of profitable MSME business model, supporting service-based marketing linkages and export-oriented operations, particularly for enterprises in value-added agricultural production.

Besides encouraging adoption of environmental and social policies, the two partners would also work together to support development of MSME raw material production clusters.

"We are expanding our branch network in the region and the MSME sector is an area of keen interest to us. A collaboration with IFC-SEDF fits well with our overall plan," said Mr Asok Kumar, Executive Director of UTI Bank.

Mr Anil Sinha, General Manager of IFC-SEDF, said that the opportunity to work with UTI Bank was in line with IFC-SEDF's commitment to facilitate and strengthen private enterprise growth in the North-East.

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