|
||||||||||||
New Partnership Forged To Develop Social Impact Projects |
||||||||||||
|
The Authority of Social Contribution – Ma’an and the Department of Municipalities and Transport today announced a new Memorandum of Cooperation, MoC, that will see the two government organisations work together to advance the introduction of the Social Impact Bonds system of financing social impact projects. The MoC ceremony was attended by Dr. Mugheer Khamis Al Khaili, Chairman of Department of Community Development – Abu Dhabi; Falah Mohammad Al Ahbabi, Chairman of the Department of Municipalities and Transport; Abdulla Al Sahi, Acting Under-Secretary for the Department of Municipalities and Transport; and Salama Al Ameemi, Director-General of Ma’an. Signed during the Abu Dhabi Sustainability Week, the partnership will support efforts to identify suitable social benefit projects that can be supported by a 'social impact bond'. Ma’an is developing the GCC’s first social impact bond to be launched in 2020. Announced in November, social impact bonds are innovative and internationally recognised financial tools that leverage private investment to support high-impact social programmes. They are also known as pay-for-success contractual agreements between public sector entities and private sector investors, who finance social service interventions up-front in exchange for future payouts. The MoC commits Ma’an and the Department of Municipalities and Transport to work together on a feasibility study, which will develop and identify new social projects, which could benefit from being funded through the Social Impact Bond mechanism. Dr. Al Khaili said, "To promote a sustainable society and economy that is transparent and responsive to the needs of diverse communities across Abu Dhabi, we must forge partnerships across government, the private sector and civil society. The expertise of the Department of Municipalities and Transport will be crucial in making the introduction of Social Impact Bonds a success." "The signing of the MoC with Ma’an symbolises the cooperation between local entities to better serve the society. It also supports long-term developmental plans that are set to accomplish sustainable development and improve the quality of life in Abu Dhabi," said Al Ahbabi. Giving a speech to the Abu Dhabi Sustainable Finance Forum today, Salama Al Ameemi, Director-General, Ma'an, said, "Social Impact Bonds have the potential to be a game-changer in solving social challenges. As more and more people look to integrate environmental, social or governance criteria into business or investment decisions for the lasting benefit of the society, Abu Dhabi has been one of the first to look to get ahead of this shift in focus." |
||||||||||||
