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.
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