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[APD 2018: Financing Social Economy Enterprises(SSEs)- The current status and challenges] Korea Social Investment Foundation

Category: 
Local Government
SSE Organisation
Asia
Class: 
Social Finance / Impact Measurement
Governance / Eco-system
Public Policy / Legal Framework

Presented at: Asia Policy Dialogue, Regional Dialogue Group 1. Northeast Asia, Seoul 2018

Organisation: Korea Social Investment Foundation(KSIF), Korea 

Date: July 6th, 2018 

PresenterMr. Jong Ick LEE (CEO) 

Contacts: jlee@sifund.kr

Summary: 

The Korean population is estimated to be 50 million of which 2500 people reside in Seoul. Social enterprises are qualified by respective ministries. Expected need for the fund is 10 trillion won, and this year the funding will be provided. In 2018, the government budget was 215.7 billion won. Compared to the demand the supply was not enough. The overall funding is expanding and is mostly provided by NGOs, but venture capital fund is increasing. The Social Finance expanded, however, the private fund is stagnant. It is risky for the government to invest and the measurement of the impact is vague.

Future task

Need to increase the supply of the fund. The supply is deficient compared to the demand. The private sector should take the lead from public sectors for effectiveness. Thirdly, the development of a success model is essential. A measurement criterion is rudimentary for the program to proceed.