- $50 million to support new innovative Impact Investment projects
- Expressions of interest open until 28 February 2018
Indigenous Business Australia (IBA), a Commonwealth Government agency, is launching a new
$50 million initiative to encourage impact investment in ventures that support Indigenous economic development.
Minister for Indigenous Affairs, Nigel Scullion, said at a launch of the initiative today in Sydney that the market for impact investment has taken off recently as more and more corporates look to make investments that yield social as well as financial dividends.
“It is fantastic to see IBA partnering with the private sector to drive new economic and employment opportunities for Aboriginal and Torres Strait Islander communities,” Minister Scullion said.
“IBA is now inviting expressions of interest from Aboriginal and Torres Strait Islander organisations and entities seeking to pursue commercial investment opportunities”.
“If you have an innovative new proposal you should consider this opportunity, if you are looking to invest in a project that will be profitable and support your community you should consider this opportunity, and if you’ve been looking to leverage your investment to take your funds further you should consider this great opportunity.
IBA will invest up to $50 million alongside Indigenous organisations in opportunities that:
- involve equity ownership by Aboriginal and Torres Strait Islander organisations or entities and/or the development of enterprises on Indigenous held land;
- are commercially viable, with the potential to generate strong financial returns;
- will support Indigenous employment, supply chain and other social outcomes;
- have an overall investment value of $4 million to $50 million, and require a contribution from IBA of at least 25% of capital required;
- ideally, encourage private sector co-investment.
IBA will consider investment across sectors, but has a strong interest in the tourism, healthcare, energy, civil/construction and affordable housing sectors.
IBA CEO Rajiv Viswanathan said as the market for, and interest in impact investment grows, IBA will be a catalyst for greater investment into commercial opportunities that provide financial returns, and a lot more, for Indigenous investors and community.
“Through new investments, our objective is to support Aboriginal and Torres Strait Islander communities to own and grow successful commercial ventures that generate local Indigenous employment, training, procurement and other outcomes, enhancing self-management and self-sufficiency.”
“IBA’s investment in these new opportunities, together with its growing demand for home and business lending, are expected to result in IBA deploying more than $300 million in capital during the 2017-18 financial year to support Indigenous home ownership, entrepreneurship and commercial investment”.
Chairman of Aboriginal development organisation Wunan Foundation, Ian Trust, sees IBA as a trusted partner with expertise and experience.
“Our investment with IBA over the years has enabled us to support our community programs and ensure a sustainable future for Wunan.”
Expressions of interest are open until 28 February 2018, with interested parties invited to visit the IBA website to find out more and submit a proposal.