TOKYO (Reuters) – Japanese lender Sumitomo Mitsui Banking Corporation and other investors are set to invest some 30 million yen ($267,714) in a new program that will see private investments help fund public social services, people involved in the scheme said. The core unit of Sumitomo Mitsui Financial Group will team up with Japan Social Impact Investment Foundation (SIIF), which launched this month Japan’s first “social impact bond” to fund a Kobe city program on chronic kidney disease. The debut of a social impact bond in Japan comes amid growing appetite for socially responsible investments focused on improvement of the environment, social and governance (ESG) issues. Under the project, the municipal government commissions a private-sector firm to provide health guidance to 100 patients. Commission fees depend on the results. The investors would receive annual interest of up to around 5 percent if the project meets its target and saves public medical costs, according to SIIF. If the program fails, the investors risk losing their investments. “Unlike gifts of money, we are expecting this to give an impetus to private-sector investment and give an incentive to the project,” Mitsuaki Aoyagi, CEO of SIIF, told Reuters. Social impact bonds, pioneered in the… Read full this story
- Coe says Tokyo Olympic plans should be sustainable
- Finance issues could plague draftees
- Maverick Carter out to silence critics
- LT goes one-on-one with former NFL fullback Lorenzo Neal
- Sacramento bracing for life without the Kings
- Who's Funding Kevin Johnson's Secret Government?
- The best TV of 2018 so far
- Skipper candidates are waiting on deck
- For Penn St., a new week after the worst one ever
- A’s gear up to face Felix Hernandez yet again
Japan's 'social impact bond' gets first batch of investors have 266 words, post on www.nydailynews.com at July 19, 2017. This is cached page on VietMaz. If you want remove this page, please contact us.