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Social Outcome Fund

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Innovation has been identified as the game changer in the Eleventh Malaysia Plan to sustain economic growth, fostering competitiveness and increased productivity of the nation and achieve the well-being of the citizens.

 Amongst other key strategies set out in the Eleventh Malaysia Plan, are Strategy F5 and Strategy F6, aimed at boosting innovation at societal level. Primarily, the focus of Strategy F5 and Strategy F6 are:

  • encouraging broader participation across the Government, citizens, non-governmental organisation (“NGO”), community-based organisation (“CBO”), organisation and communities leaders for social service delivery; and
  • developing a social financing model to promote investment from the private sector and individuals in delivering social services.

In line with the afore stated Strategies F5 and F6, Agensi Inovasi Malaysia (AiM), announced the establishment of a Social Outcome Fund (“SOF”) aimed at encouraging investments in the social sector. The SOF is based on a ‘payment by results’ type financing model, where private social impact investors will provide funding for NGOs and CBOs to implement social services.In this model, investments made by investors may be entitled to a reimbursement from the SOF, once the desired social results which create social impact and cost saving to the Government is achieved.

The SOF will be managed by AiM, which is a statutory body set up by the Government under the Agensi Inovasi Malaysia Act 2010, with the primary purpose of being the driving force towards establishing an "innovation economy" and achieving a high-income nation status. Earlier in March 2017, Azmi & Associates entered into collaboration arrangement with AiM, to serve as the legal advisor / partner of AiM towards establishing and implementing the desired SOF.

The collaboration was formalized by way of execution of Memorandum of Understanding (“MOU”) between AiM and Azmi & Associates, followed by a ceremonial exchange of the executed MOU between YBhg. Datuk Mark Rozario (CEO, AiM) and YBhg. Dato’ Azmi Mohd Ali (Senior Partner, Azmi & Associates). The MOU exchange ceremony was concluded in the presence of YB Dato’ Sri Hajah Nancy Shukri, Minister in the Prime Minister’s Department, at the Social Economy and Investment Conference 2017, held on Monday, 13 March 2017, in Sasana Kijang, Kuala Lumpur.