The U.S. Agency for International Development (USAID) and U.K.’s Department for International Development (DFID) in a meeting in Washington D.C. announced plans to build a global investment platform that depicts how to support innovative solutions to the world’s most intractable development challenges.
The mission of Global Development Innovation Ventures (GDIV) will be to focus resources in international development towards innovative approaches with demonstrated and totally successful results.
GDIV will adopt the model of the Development Innovation Ventures program at USAID, which are designed to source powerful solutions from anywhere in the world, test them using rigorous methods and staged financing, and bring to scale those that offer more value for money than standard practice and improve the lives of millions.
This will unlock investment capital from both private and public sectors, to scale solutions commercially or through public sector adoption.
“We are proud to see that this model, born at USAID, has become a global tool for improving effectiveness in development,” said Dr. Rajiv Shah, USAID Administrator. “Our partnership with the UK and future GDIV investors will amplify our impact through the discovery of breakthrough technologies and approaches to help end extreme poverty.”
GDIV will feature items like, A global competition for investments which will be supported by GDIV, an evidence driven investment strategy which the company will fund appropriately and a market place for development successes.