360 ONE Foundation (formerly known as IIFLW CSR Foundation) has committed a grant capital of INR 1.79 crore (USD 219,000) to the SAMRIDH Healthcare Blended Finance Facility, which is supported by USAID and implemented by IPE Global, in order to engage youth and strengthen the healthcare workforce in India. This collaboration is one-of-a-kind since it is the first time that Indian Corporate Social Responsibility (CSR) funds will be utilised as a risk guarantee to expand youth employment in the healthcare sector.
USAID worked with public and commercial partners in India to create the SAMRIDH Blended Finance Facility in 2020. To generate health solutions, public and philanthropic funding are merged with commercial capital. It has so far reached over 25 million people in India through unique solutions that can be rapidly scaled to meet rising healthcare needs. The money announced today by the 360 ONE Foundation will help SAMRIDH handle emerging healthcare requirements beyond the COVID-19 epidemic.
Using SAMRIDH’s blended finance approach, INR 1.335 crore (USD 163.3K) of the grant fund will be used to mobilise INR 4 crore (USD 489.416K) from National Skill Development Corporation (NSDC) through risk guarantee in year 1, and another 4 crore (USD 489.416K) in year 2 – resulting in a 6x leverage. Furthermore, INR 29.8 lakh (USD 36.46K) is being used to structure and execute a social success note that rewards both NSDC and training partners for up to 3% of the loan amount for successful placement and retention of beneficiaries who finish the course.
360 ONE Foundation
“USAID partners with the Government of India, the private sector, and civil society to strengthen the impact, reach, affordability, and quality of health services for low-income and vulnerable households,” said Sangita Patel, Health Office Director at USAID. These efforts rely on decades of USAID funding for quality and accessible healthcare in India. The unique collaboration between SAMRIDH and the 360 ONE Foundation will cover crucial employment gaps in the healthcare industry while increasing chances for young people in the formal labour force.
“At 360 ONE, we are committed to maximising both financial and social returns,” said Saumya Lashkari, Director and Board Member of the 360 ONE Foundation. Our 360 ONE Foundation has reimagined traditional grant-giving by investing CSR funds in a catalytic method to produce increased leverage through the unlocking of additional cash and a strong focus on outcomes. Our collaboration with the USAID-supported SAMRIDH Healthcare Blended Finance Facility, which is being implemented by IPE Global, is an excellent illustration of how we can achieve exponential effect while enhancing the employability of India’s marginalised youth.
The collaboration with SAMRIDH and NSDC would enable skill development agencies to provide short-term training to beneficiaries through fee-based models or government and private-sector-sponsored programmes. Over a three-year period, the programme plans to train 5000 to 6000 youngsters, which is nearly seven times the number that would have been trained in the absence of additional funds mobilised through blended finance options. This also results in financial inclusion for the beneficiaries, as trained beneficiaries are put in 21st century employment roles with an average monthly salary of INR 13,000, bringing them into the regulated workforce.
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