The Impact Investment Exchange (IIX), a Singapore-based impact enterprise,and the Korea International Cooperation Agency (KOICA) have jointly contributed $1.2 million to support early-stage enterprises across south and south-east Asia.
According to an official release, 18 enterprises with innovative social and environmental solutions to the Sustainable Development Goals (SDGs) will be supported over five years.
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 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 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.
“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,” said Durreen Shahnaz, founder and CEO of IIX.
IIX’s ACTS program is now working with partners such as Bank of American Merrill Lynch, the Rockefeller Foundation, JP Morgan and US AID, IIX ACTS has unlocked $28 million in investment capital and closed over 30 deals in over ten countries to date.
The KOICA was established as a governmental agency dedicated to providing grant aid programs of the Korean Government in April 1991. KOICA endeavors to combat poverty and support the sustainable socioeconomic growth of partner countries. By doing so, KOICA establishes and strengthens friendly ties with developing countries.
“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,” said Namsoon Lee, Director General of KOICA Development Innovation Office.