The Government sign $23 mn loan agreement with Asian Development Bank to boost fintech ecosystem

Asian Development Bank

The government and the Asian Development Bank (ADB) signed a $23 million financing deal to improve access to excellent fintech education, research, and innovation at the Gujarat International Finance Tec-City.

GIFT City is a joint project of the Centre and the Gujarat government to strengthen India’s financial services and fintech ecosystem, according to a statement from the finance ministry.

According to the loan deal, a fintech institute will be established at GIFT City. The agreement was signed by Finance Ministry Joint Secretary Juhi Mukherjee and Rajesh Vasudevan, Officer-in-Charge of the ADB’s India Resident Mission.

After signing the agreement, Mukherjee stated that the project will build the International Fintech Institute (IFI) to improve fintech education, increase startup success rates, and promote fintech research and innovation.

“The project’s emphasis on market-driven fintech skills programmes, creating enabling environment for private sector investment and enhancing collaboration between industry, skills development institutes and development partners will promote holistic growth of fintech ecosystem in India,” Vasudevan said.

The IFI, which will be formed in collaboration with globally renowned institutes and universities, will provide industry-specific fintech training modules that satisfy international standards.

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The centre aims to boost innovation and entrepreneurship by providing incubation and acceleration services to businesses, particularly those led by women. It will also work with industry and venture capital funds to foster the growth of fintech startups.

These actions will help to increase employment prospects, workforce competitiveness, and productivity in emerging and green technology.

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