LIIN pioneers with LSV to set up National Advisory Board for Impact Investing in Sri Lanka

NABIISL Chairman Chandula Abeywickrema

GSG Chief Market Development Officer Krisztina Tora

IIX Singapore Impact Partners Vice President Jonathan Abeywickrema

UNDP SDG Integration Specialist Dulani Sirisena

NABIISL Board Member Dr. Nirmal de Silva

• First stakeholder networking held on 15 Dec.

Lanka Impact Investing Network (LIIN) has pioneered together with Lanka Social Ventures (LSV) setting up the National Advisory Board for Impact Investing in Sri Lanka (NABIISL) in partnership with the Global Steering Group for Impact Investing (GSG) with the primary objective of harnessing the growth in Impact Enterprises in Sri Lanka through finance. 

Thereby, the first networking event of NABIISL was recently held with the participation of related stakeholders including UNDP, key diplomatic missions, Board of Investment of Sri Lanka (BOI), and development sector partners. 

Delivering the keynote speech, NABIISL Chairman Chandula Abeywickrema said, “NABIISL inaugurated key local private and public sector representatives to the NABIISL board to spearhead its mission ‘To Drive Impact Capital to Fast-track the Achievement of UN SDGs in Sri Lanka’. With the global reach, it aims to bring in top-tier impact funds, catalytic financial instruments, and technical advisors on capital raising to support impact enterprises in Sri Lanka to scale.”

GSGII Chief Market Development Officer Krisztina Tora stated, “The comprehensive strategy of the Global Steering Group for Impact Investing (GSGII) is aligned with developing vigorous National Advisory Boards for Impact Investing to power up impact investing in countries that are looking to create greater economic and social impact and in turn GSG to create a dynamic global impact investing ecosystem across the world.” She went onto say, “The timing of setting up the NABIISL is opportune as it will allow the country to have the necessary framework to draw in Impact Capital with macro-economic reconciliation by 2025.”

The NABIISL research showed that, “There’s an annual gap of USD 7 trillion that’s needed to achieve the 2030 Sustainable Development Goals (SDG’s) target. Financial markets have seen unprecedented commitments from asset managers allocating capital toward the funding gap and this has enabled the total impact investing market to reach the USD 1 trillion mark earlier in October 2022. – Up 63% since 2019.” This showcases the tremendous opportunity for Sri Lanka to tap into the global impact capital available. 

NABIISL Director Dr. Nirmal De Silva highlighted Sri Lanka will need policy reforms to tap into the large pool of impact capital available, which NABIISL will spearhead initially with the target of drawing in a steady flow of Impact Capital to Sri Lanka by 2025 which will balance well with the macro economic reforms expected. 

UNDP Sri Lanka SDG Integration Specialist Dulani Sirisena stated, “NABIISL will bring together the private sector players to the table to advance the UNDP SDG’s and will work hand in hand with UNDP SDG Impact in drawing impact capital to sectors identified by ‘UNDP SDG Investor Maps-Sri Lanka’ that will have the most development impact and that are aligned to the Government’s SDG targets.”

Accordingly, the networking event focused on acquainting about the establishment of NABIISL to key stakeholders in the government institutes, development agencies, and private sector along with the preparation of the background required to connect those stakeholders as member organisations of NABIISL. Furthermore, facilitating partnership opportunities among Sri Lankan and international stakeholders focused on impact investing was one of the major focal points of this networking event.

The NABIISL board consists of Chairman Chandula Abeywickrema, Deputy Chairman Dr. Lalth Welamadage, Prince Perera, Sanjay Wijemanna, Romani De Silva, Archala Samaradevakara, Dr. Nirmal De Silva, representatives DFCC Bank, Hatton National Bank, Alliance Finance, People’s Merchant Finance, Lanka Impact Investing Network, Lanka Social Ventures, Good Market, and the Impact Investor Community of Sri Lanka. The representation of the board has been structured by key stakeholders who would pivotal initiatives to create a vibrant impact investing landscape in Sri Lanka.