SINGAPORE, 4 September 2018 – IIX–a global organization dedicated to building a more inclusive world through innovative finance and support for high-impact enterprises–has partnered with the Korea International Cooperation Agency (KOICA) to accelerate early-stage enterprises with innovative social and environmental solutions to the Sustainable Development Goals (SDGs). IIX and KOICA will jointly contribute US$1.2 million over five years to support 18 enterprises across South and Southeast Asia, with the aim to impact the lives of 8 million people.
Durreen Shahnaz, founder and CEO 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. The success of our accelerator model draws on our deep understanding of the pain points facing impact enterprises and investors, and our ability to bridge those gaps with end-to-end expertise across the impact ecosystem.”
Through its award-winning Acceleration and Customized Technical Services (ACTS) program, IIX will identify high-impact enterprises with sustainable solutions across developing countries such as Cambodia, Indonesia, Vietnam, the Philippines, Sri Lanka, India, Bangladesh and Nepal. The program will provide enterprises with customized capacity building and technical assistance, impact assessment services, investment readiness and capital raising support—including access to mentors and over 1,000 accredited investors from around the world. IIX will also provide the Korean government and larger ecosystem players with training and education opportunities.
Ms. Namsoon Lee, Director General of KOICA Development Innovation Office, said: “Regional cooperation on widespread problems such as energy poverty is crucial to realizing 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.”
IIX’s ACTS program has won two global awards for its innovative multiplier effect that uses grant funding to unlock far larger amounts of investment capital. Working with partners such as Bank of American Merrill Lynch, the Rockefeller Foundation, JP Morgan and US AID, IIX ACTS has unlocked US$28 million in investment capital, and closed over 30 deals in over ten countries to date.
Shahnaz concluded: “With over a decade of experience in Asia, IIX is now working to expand our partnerships regionally and globally, to continue building more inclusive markets and driving innovative solutions to sustainable development.”
With Asia and the Pacific region home to the majority of the world’s energy poor, the program will have a special focus on the agriculture, clean energy and rural development sectors. Enterprises that participate in the program have the potential to scale their impact, increase access to affordable clean energy and sustainable use of natural resources in agriculture, and reduce an estimated 20,000 metric tons of carbon emissions by 2022.
According to UNESCAP’s 2017 ASEAN SDG Baseline report, the region is facing a progress gap in meeting the 2030 SDG targets and needs to accelerate progress in 25 target areas. Meanwhile South Asia accounts for 36% of the world’s poor and is expected to bear some of the most devastating consequences of climate change—particularly critical for a region where the majority of the population depends on rain-fed agriculture for survival.
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