India and ADB sign a $23m loan for GIFT-City to build an International Fintech Institute for fintech education, research, and innovation.

The Government of India and the Asian Development Bank (ADB) signed a $23 million loan agreement to enhance access to quality fintech education, research, and innovation at Gujarat International Finance Tec-City (GIFT-City). The loan agreement includes establishing an International Fintech Institute (IFI) to strengthen fintech education, boost startup success rates, and drive fintech research and innovation. GIFT City is an initiative by the Indian government and Gujarat state government to foster India's financial services and fintech ecosystem.

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