Two memoranda of understanding were signed in New York, launching Sri Lanka’s first social impact funds aimed at supporting social entrepreneurs access innovative financing, to help achieve the 2030 Agenda for Sustainable Development. The signings were witnessed by Tilak Marapana, Minister of Foreign Affairs, Achim Steiner, UNDP Administrator, at a special side event, at the 73rd session of the United Nations General Assembly.
The two MoU’s – one for a US$ 5 million Social Enterprise Fund (SEF) and one for a US$ 20 million Social Impact Capital Fund (SICF) were signed by Chandula Abeywickrema, Deshan Pushparajah respectively, and by Haoliang Xu, Assistant Administrator and Director of UNDP’s Regional Bureau for Asia and Pacific.
The Sustainable Development Goals are aimed at ending poverty, protecting the planet and ensuring peace and prosperity for all, by 2030. Achieving the goals however, will require a massive amount of resources. The United Nations Conference on Trade and Development (UNCTAD) estimates the sustainable development goals will cost between US$5 – US$7 trillion, with a funding gap of about US$2.5 trillion in developing countries.