India signs US$ 125 million loan agreement with World Bank

NEW DELHI: A Loan Agreement for IBRD credit of US$ 125 (equivalent) for the ?Innovate in India for Inclusiveness Project? was signed with the World Bank on 24th April, 2018 in New Delhi.nnThe 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.nnThe Objectives of the project is to nurture indigenous innovation, foster local product development and accelerate commercialization process by bridging critical skill and infrastructure gaps to promote affordable and innovative healthcare products generation for inclusive development and increasing competitiveness in India.nnThe 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.nnThe project consists of the following parts:nn(i) Strengthening of pilot-to market innovation ecosystemnn(ii) Acceleration of the pilot ?to-market process for specific products andnn(iii) Project Management and monitoring & Evaluation.nnThe closing date of Innovate in India for Inclusiveness project is 30 June, 2023.