India signs loan agreement with World Bank for US$ 125 mn for ‘Innovate in India for Inclusiveness Project’

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NEW DELHI: A loan agreement for International Bank for Reconstruction and Development (IBRD) credit of US$ 125 (equivalent) for the ‘Innovate in India for Inclusiveness Project’ was signed with the World Bank on Tuesday at New Delhi. The Loan Agreement was signed by Sameer Kumar Khare, Joint Secretary, Department of Economic Affairs on behalf of Government of India and Hisham Abdo, Acting Country Director, World Bank (India) on behalf of the World Bank.

The objectives of the project are to nurture indigenous innovation, foster local product development and accelerate commercialisation process by bridging critical skill and infrastructure gaps to promote affordable and innovative healthcare products generation for inclusive development and increasing competitiveness in India. The project would support consortia of public, private, and the academic institutions to overcome the key market failures currently holding back the development of an innovative biopharmaceutical and medical devices industry in India.

The project consists of the following parts:

(i) Strengthening of pilot-to market innovation ecosystem

(ii) Acceleration of the pilot –to-market process for specific products and

(iii) Project Management and monitoring & Evaluation.

The closing date of Innovate in India for Inclusiveness project is 30 June, 2023.