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Singapore's IIX, South Korea's KOICA to give innovative social and environmental solutions US$1.2m boost
SINGAPORE’S Impact Investment Exchange (IIX) has partnered the Korea International Cooperation Agency (KOICA) to support early-stage enterprises across South and South-east Asia that have innovative solutions to the United Nation’s 17 Sustainable Development Goals (SDGs).
IIX and the KOICA will jointly contribute US$1.2 million over five years to support these enterprises, with the aim of impacting the lives of eight million people.
IIX is a Singapore-based firm that works with investors and entrepreneurs to raise capital for social causes, while KOICA is a government agency that provides grant aid programmes.
IIX’s Acceleration and Customized Technical Services (ACTS) programme will provide enterprises with customised capacity building and technical assistance, impact assessment services, investment readiness and capital raising support.
Companies will have access to mentors and over 1,000 accredited investors from around the world. IIX will also provide the South Korean government and larger ecosystem players with training and education opportunities.
With Asia and the Pacific region home to the majority of the world’s energy poor, the programme will have a special focus on the agriculture, clean energy and rural development sectors.
Durreen Shahnaz, founder and chief executive of IIX, said: “Forward-looking public sector partners such as KOICA play a crucial role in nurturing the new economy for social good. For every dollar invested from the public sector, IIX has unlocked 13 times the amount in private sector capital to empower enterprises to grow and scale their impact.”
Namsoon Lee, director general of KOICA Development Innovation Office, said: “Regional cooperation on widespread problems such as energy poverty is crucial to realising the Sustainable Development Goals, as well as delivering on Asia’s potential for economic growth. Via this partnership with IIX, KOICA can contribute to building new solutions to sustainable development by harnessing the power of innovative finance.”