Sri Lanka, UNDP launch social impact funds to support small businesses
Sri Lankan small firms and micro enterprises whose goals include ending poverty and environmental protection will be able to get money and management support from two social impact funds with total capital of US$25 million launched Wednesday.
The US$ 5 million Social Enterprise Fund (SEF) and US$ 20 million Social Impact Capital Fund (SICF) are aimed at helping developing countries achieve the 2030 Agenda for Sustainable Development, a United Nations Development Program (UNDP) statement said.
The agreements to set up the island’s first social impact funds by the Lanka Impact Investing Network and Tempest P E Partners, a member of the Capital Alliance Group, in collaboration with UNDP, were signed in New York at a special side event, at the 73rd session of the United Nations General Assembly.
UNDP will be responsible for impact measurement and management of the projects for both funds, to ensure they are well aligned with the SDGs and achieve significant social impact.
Photo courtesy of Dhammika Heenpella.