In a bid to drive impact investing in Africa, Tony Elumelu Foundation and one of America’s oldest private foundations, Rockefeller Foundation have launched the Impact Economy Innovations Fund (IEIF) at the Impact Investing in Africa: Accelerating the Industry Regionally Forum in Cape Town, South Africa last Friday.
The forum which was hosted by The Rockefeller Foundation, the Tony Elumelu Foundation (TEF), and the Bertha Centre for Social Innovation & Entrepreneurship at the University of Cape Town (UCT) Graduate School of Business introduced Africa business leaders to the concept and practice of impact investing.
It also featured series of presentations and discussions targeted at developing a better understanding of the regional barriers and opportunities for unlocking greater investment capital-seeking impact from within the continent and improving the sector’s entrepreneurial talent and ecosystem across Africa.
Impact Investing
Impact Investing are investments that help address social and/or environmental problems while generating a financial return. The impact investing industry helps to move significant capital to market-based solutions in areas such as sustainable agriculture, affordable housing, affordable and accessible healthcare, clean technology, financial services for the poor, and other sectors while addressing the world’s most pressing problems.
Impact investing, according to the Foundation, can and does play an important role in addressing societal challenges in Africa.
CEO of the Tony Elumelu Foundation, said Dr. Wiebe Boer, described Impact Investing as “a critical tool in driving our agenda of promoting entrepreneurship for lasting economic and social development in Africa.”
We want to see more deals of this nature and our commitment to support this new fund is just the beginning,” Boer said.
Impact Economy Innovations Fund
Meanwhile, the Impact Economy Innovations Fund (IEIF) will fund proposals geared towards projects that seek to enable capital solutions, foster entrepreneurial ecosystems and promote impact investing industry infrastructure – ultimately aimed at impacting the lives of poor or vulnerable people throughout Africa.
The IEIF will be managed by The Global Impact Investing Network (GIIN) in close collaboration with The Tony Elumelu Foundation and The Rockefeller Foundation.
Although the Foundation did not disclose the size of the fund, the IEIF will support approximately 7-8 proposals geared towards projects that seek to enable capital solutions, foster entrepreneurial ecosystems and promote impact investing industry infrastructure – ultimately aimed at impacting the lives of poor or vulnerable people throughout Africa.
Investing in Africa Applications
Interested organisations may apply to the fund for grants for up to 12 months with a maximum request of US$100,000. They may also participate in more than one grant proposal.
A Request for Proposals (RFP) has already been issued, calling for submissions to the Impact Economy Innovations Fund (IEIF), that align with the Fund’s objective of boosting the development of robust regional markets, a statement released by TEF said.
Speaking on the partnership, Acting Managing Director at The Rockefeller Foundation, Eme Essien Lore said, “Throughout its 100 year history, The Rockefeller Foundation has worked to enhance the impact of innovative thinkers and actors. Now, during our Centennial year, our work is helping accelerate the growth of the impact investing industry in Africa as we partner with organizations that are at the forefront of helping to achieve equitable growth for all, such as The Tony Elumelu Foundation and the Bertha Centre for Social Innovation and Entrepreneurship.”
