OPIC commits $50 million to global partnerships’ impact-first development fund
Tuesday, November 20, 2018
The Overseas Private Investment Corporation (OPIC), the U.S. Government’s development finance institution, and Global Partnerships today signed a commitment letter for $50 million to support the Impact-First Development Fund. Specifically, the fund seeks to create tangible social impact by providing a range of high-impact products and services to bottom of the pyramid populations across a variety of sectors. Global Partnerships Chief Executive Officer Rick Beckett and OPIC Vice President Jim Polan signed the letter.
Many of the most inclusive and impactful solutions to poverty are fully sustainable, but not highly profitable. This fund will focus on delivering highly inclusive and highly impactful products and services that commercial markets fail to support. The fund will invest in social enterprises that deliver high impact products and services, initially in the areas of livelihoods, education, energy, health, housing, sanitation and water.
Supporting OPIC’s 2X initiative, particular attention will be given to the inclusion of women and how women experience and drive social impact.
“OPIC’s work with Global Partnerships aligns closely with our mission to advance development goals in emerging markets, and with our 2X Women’s initiative,” said Jim Polan, OPIC Vice President. “This landmark project has the potential to transform marginalized populations’ access to finance, services, and opportunities. We look forward to our work together and expanding opportunity for people living in poverty.”
“We are thrilled to continue our longstanding relationship with OPIC,” said Rick Beckett, Chief Executive Officer at Global Partnerships. “With OPIC’s support, this fund seeks to demonstrate that investing which is motivated first and foremost by service to poor and marginalized people, rather than by maximizing profit, has the power to sustainably expand opportunity and improve lives across virtually every facet of poverty.”
Photo courtesy of Pexels.
Source: Press release (link opens in a new window)