Indo-US Corporate Fund for HIV/AIDS: Broader Investments to Battle HIV/AIDS

Workers participating in a program for HIV peer educators in Gurgaon supported by Punj Lloyd Ltd., a corporation that supports workplace programs for its employees and construction workers under the Indo-US Corporate Fund for HIV/AIDS. Photo Credit: SNS Foundation

The number of HIV/AIDS cases in India is amongst the highest in the world. With a shift of the epidemic into the general population, the country is at a critical point in its fight against the disease. An innovative partnership forged by U.S. and Indian public and private partners is drawing in corporate investments to halt the killer and protect India’s future.

The Indo-US Corporate Fund – established to mobilize broader resources to battle HIV/AIDS – has a promising start. It is backed at the highest levels of government in the U.S. and India, and lead by a team with strong finance and business acumen, local private foundation know-how, and U.S. technical assistance and linkages, according to participating partners.

ICICI Bank leads fund-raising and Give India manages the fund, with technical assistance from the United States Agency for International Development (USAID). Conceived to give business “investors” choice and build interest in long-term outcomes, the fund matches private donations from Indian and US businesses with a selected portfolio of on-the-ground HIV/AIDS prevention, care and treatment projects.

USAID began facilitating a partnership to form the fund following the July 2005 joint statement from President George Bush and Prime Minister Manmohan Singh that commits the countries to mobilize resources for HIV/AIDS from the private sector.

The sum of its parts is the value of this partnership, according to Pushpa Aman Singh, chief operating officer, Give India.

The credibility of USAID on HIV/AIDS and the corporate clout of ICICI Bank to access potential donors gave us what we needed as a fund manager to start-up the effort in India, she explained.

“ICICI advised us on how to approach corporations and speak their language. USAID gave us brand name credibility with NGOs so we could review worthy HIV/AIDS projects to fund. Before we would have banged on doors and now they are opened for us,” said Singh.

For ICICI Bank – India’s second largest private bank and a core investor in economic development in the country since the 50s – attraction to the initiative sprung from growing concerns about the economic impact of HIV/AIDS in India, and a strong record of trust cooperating with USAID for more than 20 years.

Indo-US Corporate Fund partners, ICICI Bank (far left) and Give Foundation (far right), at an AIDS awareness event in Mumbai with U.S. Government officials. Photo Credit: S. Madraswala

“From a banking perspective we know HIV/AIDS will affect the GDP in the long-run. It is a growing problem and everyone has to chip in,” said Anil Malhotra, ICICI Bank.

“The time is right. There is trend in the private sector to be value conscious. Businesses are beginning to see the benefits of giving,” added Singh.

For Give India, there is an added benefit of participating in the partnership. Working on the fund provides a new way for “going deep” on an issue.

Explained Singh: “For us a life saved is a life saved no matter what the issue. This is a model for giving we can apply to our work to help other needy people.”

Launched in March 2006, fund pledges totaled $1.2 million within the first month, and another 13 businesses indicate strong interest in investing. The slate of contributors includes large corporations from a variety of sectors.

“The potential is immense,” said Singh. The fund can make a huge difference in HIV/AIDS prevention, treatment, care and support in India, she said.