KOICA teams up with USAID, Bill Gates' foundation to nurture Korean social ventures

SEOUL, July 18 (Yonhap) -- South Korea's official development assistance provider, KOICA, has signed deals with its U.S. counterpart and Microsoft founder Bill Gates' foundation to help Korean social ventures make inroads into the global market, the state agency said Monday.

Under the deals, KOICA, or the Korea International Cooperation Agency, will invest US$1 million in Global Innovation Exchange (GIEx), a global platform for marketing social innovation ideas over the next five years.

The investment will enable KOICA to join the operations of the global platform, through which South Korean social ventures would be able to directly connect to global social investors and global ODA providers in Korean language as early as this year, according to KOICA.

The deals were signed last month with the United States Agency for International Department, the Bill and Melinda Gates Foundation and Australia's Department of Foreign Affairs and Trade, KOICA said.

The efforts are part of KOICA's broadening bid to nurture local startups and venture firms in the social innovation sector.

KOICA plans to draft 10 venture companies for its annual venture support program, Creative Technology Solution, this year.

Under the two-year-old program, selected venture companies or technology startups will be given special assistance in entering the global market, KOICA said.

The selection will be carried out under five development themes of education, health, energy, drinkable water resource and agricultural development, it also said.

pbr@yna.co.kr
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