JPMorgan Chase & Co. (NYSE:JPM): Associates with UK Government’s DFID And CDC For A Joint Investment In Novastar Ventures

by Patrice Washington | Wednesday, Apr 9, 2014 | 4667 views

Boston, MA, 04/09/2014 (usastockreports) – JPMorgan Chase & Co. (NYSE:JPM) teams up with UK Government’s DFID and CDC for a joint investment in Novastar Ventures amounting to $20 Million. They will work to promote the businesses in East Africa. In order to pursue the objective of spreading the businesses in East Africa, they have decided to come together for investment in Novastar Ventures.

The investment fund

JPMorgan Chase & Co. (NYSE:JPM) will invest $5 million in the proposed project whereas the other part of $15 million will be done by DFID. The investment will be made from the Impact Investment Fund looked by the CDC. CDC is the Development Finance Institution of UK. The Impact Investment Fund was launched in 2013.

The objective of fund

East Africa is supposed to have many poorest communities who find it hard to fulfill their most basic needs like education, energy, housing and sanitation. The joint investment is intended to fulfill these basic human needs. Novastar has already invested in Bridge International Academies whose aim is to provide primary education to the people unable to afford it. The project at one end provides primary education to the needy and, on the other hand, offers a source of income to a number of people from poorest communities.

The company’s objective

JPMorgan Chase has always made a significant contribution in bringing a desirable positive change in the social environment. Even in year 2013, the company teamed up with the Bill & Melinda Gates Foundation to contribute in the field of global health technologies. They formed a new $108 million investment fund to fulfill the objective. JPMorgan actively takes part in such projects in collaboration with philanthropic organizations.

The end result

Investors not only look at the company’s balance sheets but also are equally eager to know about the efforts taken by any company to support the social and environmental challenges.  The steps taken by JPMorgan Chase & Co. (NYSE:JPM) in this direction are praiseworthy.

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