SEDF, Omidyar, Google to form $17 mn SMEIC

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Joint investment
New Delhi, Feb 20: The Soros Economic Development Fund (SEDF), Omidyar Network, and Google.org today said they are working together to create a new 17 million dollars Small to Medium Enterprise Investment Company (SMEIC) for India to create job opportunities and spur greater economic participation for a larger segment of the population.

This joint Investment Company is expected to provide capital to small and medium businesses in underserved markets, said a statement.''With this investment, we will meet the huge demand to serve smaller businesses in India that have little access to finance,'' said SEDF Vice President Neal DeLaurentis.

Long ignored by commercial capital markets, small and medium businesses are an attractive investment opportunity as well as an engine for economic growth for India, he added.


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