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Open Society Foundations' Soros Economic Development Fund
Foundation: Open Society Foundations, Sea Change Foundation
One of the world's biggest philanthropists is putting his money where his mouth is.
George Soros has committed $25 million to Allied Climate Partners, a public-private partnership that aims to increase the number of bankable climate projects in emerging markets and developing economies, the New York Times reports.
"The scale of investment needed to drive climate transition and adaptation in Global South economies clearly goes far beyond the capacities of private philanthropic funding," Mark Malloch-Brown, president of Soros Economic Development Fund, said in a statement.
"We are excited about this model which seeks to use catalytic funding to remove barriers, and help kick start the broader systemic shifts the world urgently needs."
Allied Climate Partners will use funds from the SEDF and other philanthropic investors to anchor a number of regional funds in Southeast Asia, Africa, Latin America and the Caribbean, and India with $235 million first-loss junior equity.
These regional funds will in turn seek to raise an additional $600 million in senior equity from multilateral development banks, development finance institutions, and private investors.
"Without this support, many projects and businesses struggle to attract the necessary capital to achieve their climate-related goals," the statement reads.
"Even though 5% of the capital can unlock 95%, this early-stage capital is the hardest
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Social Entrepreneurship
Spotlight
Hong Kong FarmFest 2014: Promoting Social Entrepreneurship
It’s time once again for social enterprises to bring and brandish their products and services at the FarmFest 2014, to be held at the Fa Hui Park in Mong Kok this Lunar New Year shopping season.