KUALA LUMPUR: A RM3 million Social Outcome Fund (SOF) aims
to boost financing and creativity in delivering social services in the country.
Minister in the Prime Minister's Department, Datuk Seri
Nancy Shukri, launched the fund at the Social Economy and Investment Conference
(SEIC) 2017 here today.
She said the investments made by corporate investors might
be entitled to a reimbursement from the SOF if their investments resulted in
1.5 times or more of value in terms of cost savings for the government.
"It is our hope that potential social-purpose
organisations will take this opportunity to obtain funds for their social
programmes.
"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," she said before launching the fund.
SOF will be managed by Malaysia's National Innovation
Agency, or Agensi Inovasi Malaysia, a statutory body under the Prime Minister's
Department created to jumpstart wealth creation through knowledge, technology
and innovation to stimulate and develop the innovation eco-system in Malaysia.
Nancy said SOF was an extension of the government's effort
to focus on people-centric economy, through the National Blue Ocean Strategy by
delivering high impact, low-cost and rapidly executed programmes and services
to the public.
She said social innovation was a long-term investment for
the government.
"As every social problem is a long-term cost to the
government and to society, there is a need to rethink the way we tackle
conventional social problems, and prepare our present generation for the road
ahead towards sustainable development.
"To enrich our social economy, is to unlock the
collective power of social innovation for greater good," she said