World Bank pledged $1 mn for 2013 IDM

New Delhi, Jan 25 (PTI) The World Bank Group today pledged USD 1 million in grants for launch of this year''s India Development Marketplace (IDM), which will be awarded on a competitive basis to social enterprises for offering development solutions.
"The World Bank Group today announced the launch of 2013 India Development Marketplace and pledged USD 1 million in grants to be awarded on a competitive basis to social enterprises for their development solutions," the Development Marketplace said in a statement.
Development Marketplace, supported by the World Bank, is a competitive grant-based programme which focuses on non- profit as well as for-profit business models.
In keeping with Indian government''s focus on inclusive growth, this year''s programme is targeted within the states of Madhya Pradesh, Jharkhand and Chhattisgarh, it added.
Each winning organisation will receive a grant ranging from USD 50,000 to 100,000 as well as mentoring and capacity building support over a period of 15 months.
World Bank Country Director in India Onno Ruhl said, "The 2013 India Development Marketplace is a unique platform for innovative social enterprises to scale up development solutions in low income states."
In 2011, the IDM team in conjunction with International Finance Corporation (IFC) had awarded grants to 14 high performing organisations.