Biden nominates Indian-origin Deven Parekh to IDFC board

Washington: President Joe Biden has nominated prominent Indian-American global venture capitalist Deven Parekh as a member of the Board of Directors of the International Development Finance Corporation, a development finance institution and agency of the US government.

Parekh, the managing director at software investment firm Insight Partners, was nominated for the post last week. His nomination will be for a period of three years, the White House said in a press release on Friday.

By statute, the US International Development Finance Corporation (DFC) Board of Directors includes four members recommended to the President from Senate and House leadership. “Parekh is the nominee recommended by the Senate Majority Leader,” the press release said.