New Delhi: Indian School of Development Management (ISDM) and Citi India announced the launch of the Centre for Innovative Finance and Social Impact (CIFSI) to enhance research on innovative financing and raise dialogue among public and private stakeholders to tackle developmental challenges.
The development community is utilising innovative financing tools, such as impact investing and social impact bonds, to draw funds towards programs 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.
Mr. Ashu Khullar Citi India CEO said, “Citi is delighted to extend support to ISDM’s Centre for Innovative Finance and Social Impact. 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 sectors.”
The launch took place at a strategic convening titled, ‘Investing in Social Change: The Role of Innovative Finance in Driving Positive Impact’ in New Delhi, at the India International Centre. Serving as a distinctive platform for renowned experts to engage in thought-provoking discussions, the convening deciphered the engagement and research objectives of CIFSI for the development sector. The event was graced by the presence of eminent dignitaries and distinguished experts.
”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 will 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,” said Mr.Ravi Sreedharan, Founder and President, of ISDM.
ISDM, a preeminent institution focused on establishing and strengthening the domain of Development Management, and Citi India, through CSR efforts, are launching two research set-ups, Centre for Innovative Finance and Social Impact (CIFSI) and Centre for Data Science and Social Impact (CDSSI).
The convening addressed areas including diversifying Innovative Finance for Social Purpose Organisations (SPOs) across domains; highlighted possible financing tools for SPOs to tap as well as challenges and regulatory changes required to access Social Stock Exchange (SSEs) platforms for SPOs.It also tapped into sector requirements towards Innovative Finance.
The occasion also featured insightful roundtable discussions featuring seasoned professionals from the Innovative Finance industry and SPOs. The discussions delved into the potential of Innovative Finance to enhance resources and diversify the efforts of SPOs, as well as to create a more realistic impact framework for the sector.