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Impact investment for economic development



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MEDIA RELEASE

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ACTING PRIME MINISTER

MINISTER FOR FOREIGN AFFAIRS

The Hon Julie Bishop MP

14 November 2017

IMPACT INVESTMENT FOR ECONOMIC DEVELOPMENT

Today I announce an Australian Government initiative aimed at leveraging private investment in small and medium enterprise to promote economic growth and reduce poverty in our region.

The $40 million Emerging Markets Impact Investment Fund (EMIIF) will support ^D**[*ê* that generate positive social and development outcomes for poor communities in our region.

The EMIIF will invest up to $2 million in SME fund managers to help a range of businesses access capital to grow.

From café owners in Bangladesh to sustainable agriculture producers in, these enterprises will benefit from a new approach to foreign aid that provides loans, equity, guarantees and other market-based finance solutions.

The Fund will also encourage investment in enterprises that positively impact women, ***µ*]*o***]*v*P**}*v**ö*Z****¡*}*Ã¥*l**}*(***µ*ê*ö*Ã¥***o*]***[*ê**®*ï·¿ 4 million Investing in Women program that commenced in 2016.

d*Z*]*ê**]*v*]*ö*]***ö*]*¿****]*ê**â***Ã¥*ö**}*(***µ*ê*ö*Ã¥***o*]***[*ê****Ã¥*}*******Ã¥****(*(*}*Ã¥*ö*ê**ö*}**ê*µ*â*â*}*Ã¥*ö**ê*}***]***o****v*ö*Ã¥***â*Ã¥***v***µ*Ã¥*ê*Z*]*â* and impact investment in our region, which is already seeing results. Our Pacific Readiness for Investment in Social Enterprise program recently helped secure $600,000 to support Tanna Coffee in Vanuatu, increasing employment in a region devastated by Tropical Cyclone Pam two years ago.

A tender process to manage the EMIIF will commence shortly to engage an investment manager and trustee to oversee operations. I encourage interested parties to visit *&*d*[*ê***µ*ê*]*v***ê*ê*K*â*â*}*Ã¥*ö*µ*v*]*ö*]***ê**¡ ebpage.

&*}*å***]*P*v*D*]*v*]*ê*ö***å*[*ê*K*(fice: Lauren Gianoli 0478 488 874 Phoebe Nolan 0408 275 340