Impact investing is being used as a critical tool in driving entrepreneurship promotion for lasting economic and social development in Africa by Tony Elumelu Foundation.
Wiebe Boer, chief executive officer, The Tony Elumelu Foundation said this as the foundation and Rockefeller Foundation announced recently the launch of the Impact Economy Innovations Fund (IEIF) at the Impact Investing in Africa.The event, hosted by the Rockefeller Foundation, the Tony Elumelu Foundation, and the Bertha Centre for Social Innovation & Entrepreneurship at the University of Cape Town (UCT) Graduate School of Business, provided a platform to introduce the investment and entrepreneurial community from all over Africa to the concept and practice of impact investing.
“We want to see more deals of this nature and our commitment to support this new fund is just the beginning,” Boer says.
“Throughout its 100-year history, the Rockefeller Foundation has worked to enhance the impact of innovative thinkers and actors,” says Eme Essien Lore, acting managing director, the Rockefeller Foundation. “Now, during our centennial year, our work is helping accelerate the growth of the impact investing industry in Africa as we partner with organisations that are at the forefront of helping to achieve equitable growth for all, such as The Tony Elumelu Foundation and the Bertha Centre for Social Innovation and Entrepreneurship.”
In his view, François Bonnici, director, Bertha Centre at the UCT Graduate School of , says: “We are conducting research on impact investing in South Africa to provide an annual barometer to track the trends and practices in the sector. With the support of the Rockefeller Foundation and the Tony Elumelu Foundation, the possibilities for impact investing in Africa are considerable.”
Through a series of presentations and panel discussions, participants developed a better understanding of the barriers and opportunities for unlocking greater investment capital for impact at scale, while strengthening the sector’s entrepreneurial talent and African ecosystem.
The IEIF will be managed by The Global Impact Investing Network in close collaboration with the Tony Elumelu Foundation and the Rockefeller Foundation.