SINGAPORE: Philanthropic organisations in Asia can play a bigger role in financing education and development projects, amid funding pressures and a decline in traditional sources of aid, said speakers at the Philanthropy Asia Summit on Monday (May 18).
The philanthropic sector could also help attract private investment into long-term initiatives, they told CNA on the sidelines of the event.
Currently in its sixth edition, the summit brings together leaders from philanthropy, business, government and civil society to discuss issues including climate change, healthcare and inclusive development.
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Pia Rebello Britto, global director of education and adolescent development at UNICEF – the United Nations children’s agency – said philanthropic organisations are uniquely positioned to take more risks in educational innovation.
“Globally, we are seeing a lot of shift in traditional official development assistance. So, there is a moment now for philanthropy to make a big catalytic change,” she said.
Catalytic financing refers to early-stage funding that absorbs the risks of unproven projects, helping attract larger investors later on.
Such financing can “enable the sort of innovation aspect in really testing out models, taking some risks, that then the public sector and domestic resources can scale up”, Britto added.
