"Today, I am happy to announce the DST contribution of $5 million through the Technology Development Board to USAID Millennium Alliance," Science and Technology Minister Vilasrao Deshmukh said after an interaction with US Secretary of State Hillary Clinton.
The Alliance is a USAID initiative with FICCI for identification and investment in innovation by Indian civil society and academiawhich is expected to provide solutions to various developmental challenges.
"Underthis platform, we expected to leverage creativity of both Nations and ability of US to maximize quality and Indian strength in optimising resources," Deshmukh said.
USAID and FICCI have contributed $7.5 million each to the initiative and will raise up to $50 million within the next 12months to fund the project.
"ThisMillennium Alliance is a newer expression of our mutual commitment to engage in gainful partnerships," Deshmukh said.
"This Public-Private-Partnershipwill help fund development solutions that deliver sustainable results that can be shared across the world," Clinton said.