Global Innovation Fund
Contribution ID : SE-0-SE-6-12411This website displays open data about Swedish aid, which shows when, to whom and for what purpose Swedish aid is paid out, as well as what results it has produced. This page contains information about one of the contributions financed with Swedish aid.
The contribution concerns core support of 110,000,000 SEK for a five year period (2020-2024) to Global Innovation Fund (GIF), a Charity based in London, UK. GIF's mission is to Finance innovations with the potential to significantly improve the living conditions of millions of people living on less than 5 USD/day. Sida supports the Global Innovation Fund (GIF...
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The contribution concerns core support of 110,000,000 SEK for a five year period (2020-2024) to Global Innovation Fund (GIF), a Charity based in London, UK. GIF's mission is to Finance innovations with the potential to significantly improve the living conditions of millions of people living on less than 5 USD/day. Sida supports the Global Innovation Fund (GIF) within the framework of the strategy for global sustainable economic development in order to contribute to private sector development and innovations that can benefit the poorest. The overall goal of the initiative is to contribute to improved quality of life and increased opportunities for people living in poverty. GIF's goal is that effective and innovative solutions that contribute to better living conditions for millions of people in poverty are developed, tested and reach a large scale. The purpose of supporting innovation is to add resources and time to investing in new solutions that in the long term have the potential to be more cost-effective than today's methods for poverty reduction. Innovations refer to new business models, policies, technologies or ways of delivering products or services that benefit the target group. GIF estimates that within a ten-year period (by 2030), 126 million people living under $5/day will have been reached by the innovations that the organization has so far entered into agreements to fund (of USD 100 million). (The estimate is thus linked to the innovation and is not attributed specifically to GIF's funding.) According to GIF's assessment, the living conditions of these people are expected to improve by 4%, which corresponds to 13 monthly incomes, every year. Estimated impact is calculated taking into account different types of risk and is updated continuously. Sida's support for the initiative extends until 2024, while GIF's investment model adopts a ten-year perspective. Sida expects GIF by 2024 to have an updated impact assessment that shows that the portfolio is well on its way to reaching, or exceeding, the target of impact on the lives of 126 million people (so far in the intervention period, this estimate has already been updated from 87 to 126 million).
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