Japan Urged to Tap Dormant Bank Accounts to Promote ‘Impact Investment’
Japan should tap unclaimed money from dormant bank accounts to promote investment for social good, Ronald Cohen, a pioneering venture capitalist who chairs the Global Steering Group for Impact Investment (GSG), said.
The concept of impact investment has gathered momentum globally, Cohen said, as cash-strapped governments look for money from the private sector to tackle issues such as child welfare and caring for the elderly in an ageing society.
“We expect $4.5 billion to flow over five years, some of which will be invested,” Cohen told Reuters in an interview. GSG was launched in 2013 by G8 leaders with the aim of promoting social impact investment globally.
“Deploying these dormant accounts is a strategic opportunity to create an equal system in Japan, which helps us to achieve social improvements more effectively.”
Photo courtesy of Mandy.