It will invest USD 500 million in three critical areas health, education, and economic opportunityto improve the lives of undeserved populations across the developing world, according to a statement released by Co-Impact.
The EkStep Foundation, co-founded by Rohini Nilekani and Nandan Nilekani, will serve as Co-Impact's technical partner by supporting a number of its programmes with their open knowledge and societal platform assets as well as capacity building, the statement said.
Co-Impact's initial core partners are Richard Chandler, Bill and Melinda Gates, Jeff Skoll, Dr Romesh and Kathy Wadhwani, and The Rockefeller Foundation, the statement said.
In addition to its role as a core partner, The Rockefeller Foundation has incubated Co-Impact and will provide staff, significant operating funds, and ongoing strategic support, it said.
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Co-Impact expects to add additional core partners as well as co-investors interested in specific initiatives or geographic areas, the statement said.
Co-Impact's goal is to improve the lives of millions by advancing education, improving people's health, and providing economic opportunity so that all families, no matter where they live, have a more hopeful future, the statement said.
Co-Impact will make its first system change grants in the first half of 2018, it said.
"These grants will be informed by more than a year's worth of due diligence and field research. Systems change grants will be up to US $50 million, flexibly structured, and will go to initiatives with proven leadership and results that are poised to scale even further. Co-Impact will also seek to unlock additional participation by governments and the private sector," the statement said.
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