Government of India and ADB sign $23 million loan agreement

• The Government of India and the Asian Development Bank (ADB) have inked a $23 million loan agreement aimed at bolstering India's fintech ecosystem. 
• This collaborative effort will primarily focus on enhancing access to high-quality fintech education, fostering research, and driving innovation within the Gujarat International Finance Tec-City (GIFT-City).
• Under the agreement, signed by Ms. Juhi Mukherjee, Joint Secretary, Department of Economic Affairs, Ministry of Finance, on behalf of the Government of India, and Mr. Rajesh Vasudevan, Officer-in-Charge of ADB’s India Resident Mission, the initiative will establish an International Fintech Institute (IFI) within GIFT-City. 
• This institute is poised to play a pivotal role in advancing fintech education, nurturing startup growth, and spearheading fintech research and innovation.
• The IFI, in collaboration with renowned global institutes and universities, will offer industry-aligned fintech training programs adhering to international standards. Additionally, it will provide support to startups, particularly those led by women, through incubation and acceleration services, thereby promoting innovation and entrepreneurship. Moreover, the institute will collaborate with industry players and venture capital funds to bolster the growth trajectory of fintech startups.

Also Read: Economy: Weekly Current Affairs Bitbank (February 19 to 25, 2024): With whom the Government of Goa has collaborated to establish a Blended Finance facility?

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Published date : 15 Mar 2024 05:40PM