Innovest partners with the Tent Foundation to help tackle the refugee crisis
July 4, 2018
Innovest Advisory is delighted to announce its partnership with the Tent Foundation.
The Tent Partnership for Refugees was founded by Hamdi Ulukaya, the founder and CEO of Chobani. The Tent Foundation seeks to engage with the private sector to address the global refugee crisis by mobilising the networks, resources, innovation, and entrepreneurial spirit of the business community.
Through its partnership with the Tent Foundation, Innovest Advisory has committed to mobilise more than $7 million in debt and equity funding over the next two years to invest in projects that will directly support refugees. This commitment is part of Innovest’s strategy to source and curate opportunities for socially motivated investors to invest in commercial business ventures that intentionally benefit refugees and/or host communities.
Innovest Advisory is looking forward to working together with Tent to develop innovative market-based solutions to the current refugee crisis.
The commitment projects include creating new, quality jobs for refugees in the apparel industry in Turkey and Jordan, providing access to finance for refugees in Jordan, Uganda, and Somalia, and offering affordable solar home systems to refugees in Kenya. Innovest will work alongside partner organizations such as the First Syrian Exporters Group, a consortium of Syrian owned garment businesses in Turkey, Pawame, an off-grid solar company in Kenya operating in Kakuma camp, KIMS Microfinance, the leading microfinance provider in Somalia, and FSI, a provider of ethical labor in recruiting and hiring refugees to achieve these objectives. It is estimated that these projects will create more than 6,000 employment opportunities for refugees, in addition to job opportunities for vulnerable populations within host communities.