A Memorandum of Understanding (MoU) was signed by the Ministry of External Affairs and SBICAP Ventures Limited (SVL), a State Bank of India (SBI) subsidiary, to establish the Trilateral Development Cooperation Fund (TDC Fund) for collaborative projects with international partners. The Global Innovation Development Fund (GIP Fund), which is planned to be established in collaboration with the Foreign, Commonwealth and Development Office (FCDO) under the India-UK Global Innovation Partnership, will receive India’s commitment of approximately Rs. 175 crore (£17.5 million) through the TDC Fund.
- The GIP Fund will invest primarily in small and medium-sized Indian businesses that address development issues in line with the GIP’s goals and objectives and that have developed and successfully proven workable social impact solutions that can be exported to and scaled up in other nations.
- The GIP Fund would target creative Indian businesses that are already established but lack the funding to expand to other developing nations.
- In addition to facilitating the GIP programme for MEA, SVL will serve as the administrator-cum-advisor (Investment Manager) of the TDC Fund.
Important Takeaways For All Competitive Exams:
- Sandeep Chakravorty, Joint Secretary (Europe West) MEA
Suresh Kozhikote, MD & CEO, SVL
Akshay Panth, Chief Investment Officer, SVL