New DFAT innovation hub – an opportunity to boost Australia’s impact in region
Impact Investing Australia has welcomed the launch of the Australian Government’s $140 million development innovation hub, saying it will create new opportunities for tackling pressing social issues, as well as scaling up our impact in regional social and economic development and poverty reduction.
innovationXchange, launched this week by the Department of Foreign Affairs and Trade, aims to catalyse and support innovation across the Australian aid program, with particular attention given to leveraging new sources of financing and catalysing new approaches to development.
“This initiative has great potential to showcase the role that social and financial innovation can play in tackling the challenges faced by many countries in our region, including access to quality healthcare, education and secure employment”, said Rosemary Addis, Chair of Impact Investing Australia.
“Governments and philanthropy alone can’t address the challenges that many of our neighbouring countries face. All sectors have a role to play in creating opportunities for people in our region. That includes the private sector, working in partnership with governments, social purpose organisations and communities.
“Impact investments – which target measurable social returns along with a financial return – provide an opportunity to bring new and larger amounts of capital to financing social innovations, improve the effectiveness of international development programs, and in the process make Australia more competitive in global growth markets.
“We welcome the opportunity that the hub will create to showcase what can be done from Australia to contribute new solutions and enable better, measurable outcomes for people in our region whether that be provision of basic services, job creation or sustainable agriculture and energy solutions.
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