Australia invests in Global Innovation Fund

In embracing a new aid paradigm, Australia is taking a more creative approach to the planning and delivery of development programs.

In New York I announced that Australia will contribute $30 million over four years to a global fund designed to develop innovative new ideas for development, explore alternative finance and create economic growth opportunities.

The Global Innovation Fund (GIF) is a global program established by the United States and United Kingdom that will identify, test and scale up successful new approaches to development.

Australia's contribution to the fund will focus on identifying innovative programs that address the development challenges of the Indo-Pacific region.

The Government is committed to the sustainable development of our close neighbours and to ensuring our region has access to innovative approaches and private sector investment.

The concept of investing in innovation means accepting we do not have all the answers to global development but by trialling new approaches, we build our knowledge and edge closer to success.

Australia is a founding partner of the GIF.Other investors include Sweden and the Omidyar Foundation.Australia's contribution to the GIF underlines our commitment to partnerships that tackle the most complex development challenges.