The Central Government and the Asian Development Bank (ADB) have signed a 23 million dollar loan agreement at the Gujarat International Finance Tec-City today. This agreement aims to strengthen the fintech ecosystem in India.
The Ministry of Finance in a statement said that the project will establish an International Fintech Institute (IFI) to strengthen fintech education, boost start-up success rates, and drive fintech research and innovation. It said these interventions will enhance employment opportunities, workforce competitiveness, and productivity in new and green technologies.
The signatories to the loan agreement for Promoting Research and Innovation through Development of Fintech Institute at GIFT-City Project were Joint Secretary of the Ministry of Finance’s Department of Economic Affairs Ms. Juhi Mukherjee and Officer-in-Charge of ADB’s India Resident Mission Mr. Rajesh Vasudevan.
After signing the loan agreement, Ms. Mukherjee said that the project’s focus on market-driven fintech skills programs, creating an enabling environment for private sector investment and enhancing collaboration between industry, skills development institutes, and development partners will promote holistic growth of the fintech ecosystem in India.
