Boosting Social Economy with RM3 million

 

Baroness Glenys Thornton, Member of the UK House of Lords & CEO of Research and Social Innovation Institute of the Young Foundation UK, with Dato’ Sri Hajah Nancy Shukri, Minister in the Prime Minister’s Department and Dato’ Mark Rozario, CEO of AIM.

Baroness Glenys Thornton, Member of the UK House of Lords & CEO of Research and Social Innovation Institute of the Young Foundation UK, with Dato’ Sri Hajah Nancy Shukri, Minister in the Prime Minister’s Department and Dato’ Mark Rozario, CEO of AIM.

In efforts to improve Malaysia’s emerging social economy, a Social Outcome Fund (SOF) has been established at the Social Economy and Investment Conference 2017 (SIEC 2017). The SOF will make available RM3 million (mn) for intervention projects or entrepreneurs who provide solutions to social issues.

Dato’ Sri Hajah Nancy Shukri, Minister in the Prime Minister’s department and Agensi Inovasi Malaysia (AIM) Adviser says: “I believe there is a wealth of models for developing a social economy and sparking of social innovations that we can emulate and adapt for the country.”

With SOF, social purpose organisations (SPOs) that are working on projects that will help marginalised communities will have increased chances on obtaining funds from impact investors.

In simple terms, if a certain entrepreneur comes up with a proposal for a social intervention project that could result in cost savings to the government, the SOF will reimburse the amount of fund that were channeled into the project from impact investors. This way, Malaysia’s social economy will continue to grow.

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