The Group of 20 at its summit in Seoul announced setting up of an SME Finance Innovation Fund with $ 28 million in fresh commitments and another $510 million drawn from their existing commitments in other funds.

As reported earlier, Canada has committed $20 million in grant to the fund. The United States, however, committed $5 million in the form of a grant by the USAID and promised $200 million more through its OPIC (Overseas Private Investment Corporation) fund.

The host country South Korea also announced $1 million in grant by the government and $100 million in co-financing through Korea Export Import Bank while IDB gave $2 million in grant and $200 million in other forms of financing.

OPIC provides financial suppport for US private investments in developing countries or co-finance in projects where US private sector participates and even Korean EXIM bank provides finance in projects where Korean enterprises participate.

Ashoka Changemakers will administer the fund meant for encouraging award-winning proposals as part of the G20 development initiative.