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Small Industries Development Bank of India (SIDBI) has signed Memorandum of Understanding (MoU) with Industries department of government of Bihar and Bihar Industrial Area Development Authority (BIADA) in the presence of Syed Shahnawaz Husain, Industries Minister, Government of Bihar,  Brijesh Mehrotra, ACS, Industry and Shri Pankaj Dixit, Director Industry, GoB.

SIDBI is a principal financial institution for promotion, financing & development of the MSME sector pan India and it’s headquarter is in Lucknow UP. Bihar is the 14th state of the country with which SIDBI has tied up and it will play an important role in strengthening the MSMEs of the state

Two MoU have been signed between Industries Department Government of Bihar and the Bihar Industrial Area Development Authority (BIADA) to develop the MSME ecosystem in the state.

First MoU is for Project Management Units (PMUs) which will deployed by SIDBI with state government, PMU will support state government in making necessary interventions for focused engagement of SIDBI with Bihar, with the objective of facilitating development of the MSME ecosystem.

As per second MoU IDBI will work in close coordination with BIADA to benefit MSMEs who want to set up any industrial unit on the land/ plot allotted by BIADA so as to promote industrialization in the state.

Shri syed Shahnawaz Husain, Industries Minister GoB said in his statement, tie-up of SIDBI with GoB will greatly accelerate the industrial development and boost to MSME sector in state of Bihar. The MoU with SIDBI will prove to be a game changer in the development of Micro, Small and Medium enterprises in Bihar, especially when the land of BIADA will be recognized by SIDBI as collateral, as well as cheap and easy loans to MSMEs.