WASHINGTON: The Indian Diaspora Investment Initiative announced by US President Barack Obama in New Delhi to encourage Indian-Americans to invest in the development of India would help create jobs and train a new generation of local entrepreneurs, USAID Administrator Raj Shah has said.
"By creating a transparent investment vehicle, any investor can contribute to sustainable, social businesses that create jobs and train a new generation of local entrepreneurs," Shah said in statement here.
His remarks came after Obama announced in New Delhi a new partnership among the US Agency for International Development, Calvert Foundation and several private financial institutions in India to develop an Indian Diaspora Investment Initiative.
"We'll match the diaspora community's immense passion and resources to the small businesses that form the backbone of India's economy," said Shah, who is part of the US delegation to India.
As per the announcement made, US-based retail investors will be able to support this initiative by purchasing Community Investment Notes offered by Calvert Foundation.

USAID will provide a Development Credit Guarantee to support Indian financial institutions lending to social enterprises, enabling them to raise critical investments from both Indian and US investors.
By purchasing these specially marketed and branded Notes, which will become available in late 2015, Indian-Americans and other investors will be able to fund the growth of social enterprises in India while earning a financial and social return.

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