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Gov't to raise 300 bln won for social impact investments

According to Yonhap News,

(SEOUL=Yonhap News) The government plans to raise 300 billion won (US$275.9 million) over the next five years for social impact investments, officials said Thursday.

Unlike charities or donations, the so-called impact investment is aimed at offering funds to small companies or cooperatives for social causes with financial returns.

These investment schemes are still at an infant stage in South Korea, and the government will set up a Social Benefit Fund to promote them, the Financial Services Commission (FSC) said in a statement.

The fund, which will be launched by the end of this year, will be raised from the government and from state-run financial institutions, according to FSC officials.

By the end of this year, the government aims to raise 100 billion won for the fund.

It will also expand the use of dormant bank accounts to finance social firms to the tune of as much as 8 billion won a year, according to the FSC.

Copyrights Yonhap News.

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Source: Yonhap News (Feb. 8, 2018)
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