The and foundations have announced the launch of a new impact fund to fuel the growth of impact investing in Africa.
To be managed by the in collaboration with both foundations, the will work to foster the growth of the impact investing industry and social enterprise sector on the African continent, with the goal of improving the lives of poor and vulnerable communities. To that end, IEIF will support projects that seek to enable early-stage capital solutions to social and environmental problems, foster entrepreneurial ecosystems, promote the development of an impact investing industry infrastructure, develop market ecosystems for specific sectors, and establish leadership and networking platforms.
A request for proposals has been issued with an application deadline of May 31. Priority will be given to projects with a specific geographic focus.
"Impact Investing is a critical tool in driving our agenda of promoting entrepreneurship for lasting economic and social development in Africa," said Tony Elumelu Foundation CEO Wiebe Boer. "We want to see more deals of this nature, and our commitment to support this new fund is just the beginning."