Social Impact Accelerator Initiative gains €1m ($1.1m)

The Republic of Bulgaria-owned Bulgarian Bank of Development invests €1m ($1.1m) in the European Investment Fund's Social Impact Accelerator Initiative.

The Social Impact Accelerator Initiative, which is run by the European Investment Fund, has raised €1m ($1.1m) from the state-owned Bulgarian Bank of Development.

The Social Impact Accelerator Initiative was launched in 2013 as a public-private partnership to increase social impact investment across Europe. It operates as a fund of funds.

It focusses its investments in funds that promote education, new job creation, development of geographic regions, healthcare and care for the elderly and vulnerable and environment protection.

Commenting on the launch of the fund in 2013, Richard Pelly, who was chief executive of the EIF at the time, said: “We are convinced that social impact investing will shape the way many people invest in the future. One cannot think only in terms of financial returns anymore. … Our approach is to make all actors in the Social Impact Accelerator Initiative investment chain – whether social enterprises, social impact funds, and also European Investment Fund – accountable for their results in delivering social impact through their activities. Together with our private sector partners we also seek to demonstrate that this is an attractive asset segment also for mainstream investors.”

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