Australia Joins Global Innovation Fund
Thursday, 25th September 2014 at 8:16 am
The philanthropic sector has welcomed the Federal Government’s move to join forces with those of the United States, United Kingdom and Sweden to launch a $200 million Global Innovation Fund.
Minister for Foreign Affairs Julie Bishop said that Australia would contribute $30 million over four years towards the fund that would see the Government take a more creative approach to the planning and delivery of development programs.
“The Global Innovation Fund (GIF) is a global program established by the United States and United Kingdom that will identify, test and scale up successful new approaches to development,” Bishop said.
“Australia’s contribution to the fund will focus on identifying innovative programs that address the development challenges of the Indo-Pacific region.
“The Government is committed to the sustainable development of our close neighbours and to ensuring our region has access to innovative approaches and private sector investment.
“The concept of investing in innovation means accepting we do not have all the answers to global development but by trialling new approaches, we build our knowledge and edge closer to success.
“Australia is a founding partner of the GIF.Other investors include Sweden and the Omidyar Foundation.Australia’s contribution to the GIF underlines our commitment to partnerships that tackle the most complex development challenges.”
UK Secretary of State for International Development Justine Greening said “We must find and invest in more effective, faster and more efficient ways of ending aid dependency”.
“The Global Innovation Fund is now open for business and can support ambitious ideas to transform lives in some of the poorest countries in the world. As we work towards a new set of post-2015 development goals, fresh thinking and new ideas will be critical to ending extreme poverty for good.”
CEO of Philanthropy Australia, Louise Walsh welcomed the announcement.
“Traditional philanthropic approaches have, and will continue to have, a very important role in international development. But we also need to be looking at other ways to support the social and economic transformation needed to lift people out of poverty around the world,” Walsh said.
“Philanthropy Australia is committed to fostering impact investment and new approaches to delivering positive social change – and that’s why we are very pleased with the Australian Government’s contribution of $30 million to the Global Innovation Fund.
“By bringing together private, government and philanthropic capital, the Global Innovation Fund has the potential to make a big impact in developing countries. It’s a very exciting initiative, and we welcome the Australian Government’s commitment, alongside those of impact investing pioneers like the Omidyar Network, as well as other governments.”
Operating as a Not for Profit innovation fund, the Government says the Global Innovation Fund is open for business and currently seeking great ideas from a wide range of potential partners, including social enterprises, for-profit firms, researchers, government agencies, Not for Profit organisations and others.
For more information visit www.globalinnovation.fund.