RM3m fund to boost social economy

KUALA LUMPUR: A Social Outcome Fund (SOF) was launched this morning, which will make available RM3 million for social intervention projects that assist marginalised communities.
The fund encourages corporations and foundations to invest in ventures with social impact that goes beyond corporate social responsibility and help individuals and communities, as part of a social economy, achieve a more complete interaction with public and private sectors.
Minister in the Prime Minister's Department Datuk Seri Nancy Shukri said investments made by corporate investors may be entitled to a reimbursement from the SOF if their investments result in 1.5 times or more of value in terms of cost savings for the government.
The SOF is based on Agensi Inovasi Malaysia's Social Progress Assessment, which commenced concurrently with the SOF project.