Corporation Bank signs MoU with Commonwealth Secretariat to promote enterprise development


Mangalore: Indian public sector lender Corporation Bank, London-based Commonwealth Secretariat, and four non-government organizations (NGOs) have entered into a memoranda of understanding (MoU) for economic and social inclusion of youth via enterprise development.

The MoUs were exchanged among Corporation Bank, Commonwealth Secretariat and all the stakeholders, during the program. Corporation Bank-Commonwealth Secretariat Youth Enterprise Financing Program, aims to support women entrepreneurs, a bank release said.

“This is an exceptional opportunity for Corporation Bank to develop thought leadership in the area of assisting young women entrepreneurs. I urge all stakeholders on this project to immediately commence the specific lending programs in each of the pilot locations. It is our responsibility to turn these young women from job seekers to job creators,” Corporation Bank Chairman and Managing Director Ramnath Pradeep said in a two-day development program conducted on June 6 and 7 in Bangalore.

The program was attended by the stakeholders including Kshetra Dharmasthala Rural Development Program, NTR Memorial Trust, Drishtee Foundation and Dhan Foundation. Corporation Bank is lending Rs 140 million for this initiative at concessional rates of interest, the release said.

Commonwealth Secretariat, partnering with Corporation Bank, is providing technical assistance through training support and capacity building, it further said. This project aims to assist 2,500 women entrepreneurs on this pilot project, it added.

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