Donald Trump, the president of Unites states of America has announced on Friday about his intentions to nominate Deven Parekh, and Indian American as the member of the Board of Directors of the International Development Finance Corporation.
The US IDFC is an independent agency of the US government that provides financing for private development projects. It was formed recently in December 2019, but the act on which it is based on was signed by Donald Trump in October 2018. As America’s development bank IDFC helps businesses expand in emerging markets, finance solutions to the most critical challenges faced in the developing world and also are an addition to reinforcement of US foreign policy and national security interests. This particular agency is also very committed to continue Overseas Private Investment Corporations (OPIC) record of generating income for debt reduction.
On Friday, the president of the Unites States announced his intention to nominate Deven Parekh who is an Indian American as one of the members of Board of directors of the International Development Finance Corporation. This nomination will be for a period of three years. Deven Parekh is currently the managing director at a software investment firm called the Insight partners.
Deven Parekh has previously served on the Overseas Private Investment Corporations (OPIS) for the term of 2 years, from 2016 to 2018. He was also the member of the advisory board for the United States Export-Import Bank for a period of 2 years between 2012-2012. Deven Parekh is a leading Indian American global venture capitalist has received his BS in economics from the Wharton School at the University of Pennsylvania.
He was a co-host at a virtual fund raiser last month for the former vice president, Joe Biden. Joe Biden is the Democratic presidential nominee against Donald Trump. Not just this, Parekh was also a major fund raiser for the former president of United States Barack Obama. He was a financialanalyst for the Blackstone Group in the years 1991 & 1992. After that he worked at the Berenson Minella & Company for 8 years between 1992 and 2000. There he had a number of positions including that of Vice president and President.
Now that he is the managing director at Insights Partners, Deven Parekh’s role there is to manage investments in application software, date and consumer internet businesses globally. He has been an active participant for investment in countries like Europe, china, Latin America, India, Russia, Israel and several others. He personally has investment in Bharat Petroleum.
By Deepika Agarwal
