New York, Jun 26 (IANS): An Indian-American entrepreneur, who was on the board of the Overseas Private Investment Corporation (OPIC), has been nominated by President Donald Trump to be a director of the reconstituted US International Development Finance Corporation (IDFC).

The nomination of Deven J Parekh to a three-year term was announced by the White House on Thursday.

He is a managing director at the investment company, Insight Partners.

hen his nomination is approved by the Senate, he will join Secretary of State Mike Pompeo and Commerce Secretary Wilbur Ross on the IDFC board.

Parekh was appointed to the OPIC board of directors by former President Barack Obama.

The OPIC was reconstituted by Trump as the IDFC to widen its mission to promote international development through private sector businesses, especially small businesses, in developing nations in order to further US foreign policy objectives while generating returns for the US.