Government of India and ADB Sign $23 Million Loan Agreement to Strengthen Fintech Ecosystem in India

The Union Government of India, in collaboration with the Asian Development Bank (ADB), has finalized a $23 million loan agreement aimed at bolstering the fintech landscape within the country. The agreement targets the enhancement of access to quality fintech education and innovation, particularly within the Gujarat International Finance Tec-City (GIFT-City).

Loan Agreement Details

The Central Government of India and the Asian Development Bank (ADB) officially sealed the $23 million loan agreement at the Gujarat International Finance Tec-City. The primary objective of this agreement is to fortify the fintech ecosystem across India.

Project Overview

Under this agreement, the Ministry of Finance will spearhead the establishment of an International Fintech Institute (IFI). The IFI’s core focus will be on strengthening fintech education, amplifying start-up success rates, and fostering fintech research and innovation. These initiatives are anticipated to catalyze employment opportunities, enhance workforce competitiveness, and drive productivity in new and green technologies.