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KOLKATA: The Small Industries Development Bank of India (SIDBI) has signed an agreement with Srei Infrastructure Finance Ltd for joint financing of small and medium enterprises (SMEs). SIDBI currently funds the working capital needs of SMEs through a tie-up with UCO Bank, and the MoU with Srei is exclusively for loans.

The country's first MoU between a public sector financial institution and a private sector NBFC was signed here by Mr N. Balasubramanian, CMD of SIDBI, and Mr Hemant Kanoria, Vice-Chairman and MD, Srei Infrastructure Finance.

The MoU would leverage Srei's strengths in the SME segment, particularly in asset-based lending to the construction sector.

(This article was published in the Business Line print edition dated October 21, 2005)
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