Global Impact Investing Network Receives GBP 10.5 Million Commitment from UK’s Department for International Development
Friday, December 7, 2012
December 7, 2012—The Global Impact Investing Network (GIIN) announced today that the United Kingdom’s Department for International Development (DFID) will provide GBP 10.5 million to support the GIIN’s role in developing and growing the impact investing market in sub-Saharan Africa and Asia. The funding is part of DFID’s new Impact Programme, which will also establish a DFID Impact Fund that will be managed by CDC Group, the UK’s development finance institution. The DFID Impact Fund will invest in impact investment intermediaries providing capital to businesses and projects improving the lives of poor people. Backed by expert technical assistance, the DFID Impact Fund is designed to attract new investors to promising impact investment intermediaries.
“The launch of the DFID Impact Programme is an important milestone for the growing impact investment industry, especially in its tremendous support for field-building work,” said Luther M. Ragin, Jr., Chief Executive Officer of the GIIN. “The DFID Impact Programme is well positioned to catalyze effective impact investing markets in sub-Saharan Africa and South Asia, and it complements the GIIN’s commitment to grow the field worldwide.”
“Investors are starting to wake up to the benefits of working in the poorest countries,” said UK International Development Secretary Justine Greening. “We can help by removing some of the barriers to investing and by directing investment to where it can make a huge difference to the lives of poor people. Britain will use its first class development expertise in partnership with the Global Impact Investment Network and CDC to kick-start private investment and help the poorest on their path out of poverty.”