Agenda item

The Board received a presentation from Fabio Sofia from Symbiotics and Rana Modarres from Oxfam about the Small Enterprise Impact Investment Fund (SEIIF), after which Members of the Board had the opportunity to pose questions.

Symbiotics noted that the SEIIF was one of only a small number of products targeting the small / medium enterprise sector in emerging economies. Symbiotics also noted that they had established a UK office and were seeking FCA authorisation.

In response to questions from the Board there was a wide ranging discussion relating to the expectations for the SEIIF and its viability. Symbiotics noted that the SEIIF had a fundraising target in order to achieve sustainability, and that a new fundraising plan was in place. Oxfam had recently increased its investment in SEIIF and that it was hosting a meeting on 10 April 2014 to establish a group of ‘core’ investors, following which it hoped further investment announcements would be made.

In response to questions from Members, representatives explained that an initial investment of £318,513 had been agreed by the Corporation in order to fund small enterprises in developing markets, aimed at providing employment, and that so far the SEIIF had invested in three areas: Mongolia, Bolivia and Kyrgyzstan.

RESOLVED – That the presentation be noted.