Indian School of Development Management (ISDM) and Citi India have launched the Centre for Innovative Finance and Social Impact (CIFSI) and the Centre for Data Science and Social Impact (CDSSI). The collaboration aims to enhance research on innovative financing and raise dialogue among public and private stakeholders to tackle developmental challenges, according to an official release.
The development community is utilising innovative financing tools, such as impact investing and social impact bonds, to draw funds towards programmes that are aimed at solving global challenges, such as alleviating poverty, improving living standards, and conserving the environment. CIFSI will serve as a platform for social purpose organisations, academia, research, and practitioners to identify and ensure access to social financing approaches for the future, the release mentioned.
“The Centre and its objectives resonate with Citi’s commitment to seed innovation in financing tools that aid and accelerate social impact in crucial areas such as climate and poverty. We have seen a growing appetite from clients to focus on sustainable programs that yield results as part of their own ESG goals. We are also seeing an increase in association between the public and private sector,” Ashu Khullar, CEO, Citi India, said.
The collaboration aims to address various aspects, including the expansion of innovative finance options for Social Purpose Organizations (SPOs) across different sectors. The convening shed light on potential financing instruments available to SPOs and explored the challenges and regulatory changes necessary for SPOs to access platforms like Social Stock Exchanges (SSEs). Additionally, it sought to understand the specific requirements of the sector in relation to innovative finance, as per the release.
”The primary objective of the convening is to pave the way for future deliberations and drive conversations on Innovative Finance (IF) tools in the sector. It aims to garner visibility of future products and knowledge on IF that CIFSI will focus on. The initiative serves as a remarkable forum for meaningful discourse and collaboration among industry experts and stakeholders in the development sector, facilitating opportunities for valuable collaborations and insights,” Ravi Sreedharan, founder, president, ISDM, said.
Follow us on Twitter, Facebook, LinkedIn