Italy also began to deal with Social Impact Investing, joining the Task Force promoted by the British Government with its own Advisory Board. Marginally, different foundations, not just banks, also deal with it, while Fondazione Etica has made it its mission since 2008, even before the Human Foundation, established in 2013.
A few steps have been taken by the banks too, especially in the loan based sector: the bank that has dared the most in the social network is Ubi Banca, which has issued about 70 Social Bond Communities, for a value of around 800 million euros, which have allowed to disburse over € 3 million by way of donation and to allocate a ceiling for loans of approximately € 19.5 million.
With regard to the equity based segment, on the other hand, the case of Oltre Venture Capital, which with the philanthropy venture managed to raise over 7 million euros from private entities, totally invested in 17 new Italian companies (healthcare , microfinance, social housing).
However, although something has moved in Italy as well, there is no discontinuity to date in the planning of social policies in our country, still marked by the traditional scheme according to which the State fully provides for the coverage of social spending, while investors individuals and entrepreneurs think about doing business, compensating, then, with donations and other forms of philanthropy.
The Sardinia Region is the first public administration in Italy to have a Social Impact Investing Fund. With 8 million for economic initiatives with social implications (6 coming from Axis II “Social Inclusion” of the ESF OP 2014-20 and 2 from Axis III “Competitiveness of the production system” of the ERDF OP 2014-20). The…
Even the Italian Banking Association has understood the importance of preparing the way for policies with a social impact, promoting itself Social Impact Agenda for Italy. The association was created to gather the experience of the Social impact investment taskforce (Siit), with the aim of: – develop and share knowledge on the sector of impact…