Bono's foundation is putting its money where its mouth is, in the form of a pledge from some of the world's biggest investors to invest at least 2% of their investments in social impact projects over the next five years.
The Celo Foundation says more than 100 impact investors have signed on to its "2% for Web3 Impact" initiative, which will see them investing in projects that have a positive impact on the world's economy or people's lives, the Guardian reports.
The money will come from a new fund called the Social Impact Collective, which is being created by the Celo Foundation with help from the World Wildlife Fund, the Bill and Melinda Gates Foundation, and other major donors, the New York Times reports.
"This is a really big deal," says the co-founder of the Social Impact Collective.
"It's the first time that the world's biggest investors are coming together to invest in social impact."
The Celo Foundation says it plans to make the pledge public next week at the Global Impact Investing Network's Investor Forum in the Hague, the Times reports.
The money will go toward projects in Africa, Asia, and Latin America, as well as new initiatives in the areas of health, education, and climate change. Read the Entire Article
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The Ministry of Social and Family Development in Singapore will launch a mentoring program for social enterprises this December.