SBICAP- MEA MoU for TDC Fund
Recently, a Memorandum of Understanding (MoU) was inked by SBICAP Ventures Limited (SVL) with Ministry of External Affairs (MEA) to set up the “Trilateral Development Cooperation Fund (TDC Fund)”.
- SBICAP Ventures Limited is a subsidiary of State Bank of India (SBI).
- Trilateral Development Cooperation Fund will help in routing India’s commitment of around Rs.175 crore to Global Innovation Development Fund (GIP Fund).
Global Innovation Development Fund (GIP Fund)
- GIP Fund is an Alternative Investment Fund (AIF), that have been proposed to be set up in association with Foreign, Commonwealth and Development Office (FCDO) under “India-UK Global Innovation Partnership (GIP)”.
- GIP Fund will invest in small & medium enterprises from India, to find solution for development challenges in order with the goals & objectives of GIP.
- It has developed & tested successfully the viable social impact innovations, which can be transferred and ramp-up in third countries.
- This find will be targeted towards Indian innovative enterprises, which are at an advanced stage but they do not have access to capital to expand in other developing countries.
About Trilateral Development Cooperation Fund (TDC Fund)
TDC Fund has been established as an AIF. It will operate as a ‘Fund of Funds’ under SEBI AIF Regulations. The fund will be administered and advised upon by SVL. SVL will also be facilitating the GIP program for MEA.
SBICAP Ventures Limited (SVL)
SVL is an alternative asset manager. It is a wholly owned subsidiary of SBI Capital Markets Limited, which is owned by the State Bank of India (SBI).
Month: Current Affairs - July, 2022
Category: Economy & Banking Current Affairs - 2022
|View All E-Books: Recent Release|