Norton Rose Fulbright has advised the International Committee of the Red Cross (ICRC), on a pro bono basis, in relation to its innovative funding mechanism to encourage social investment from the private sector.
The funds raised by the ICRC will be used to build and run three new physical rehabilitation centres in Africa (Nigeria, Mali and Democratic Republic of Congo) over a five year period. The centres will provide support through physiotherapy and mobility devices including wheelchairs, artificial limbs and braces for thousands of people. The payment-by-results programme also includes necessary training for staff as well as the testing and implementation of new efficiency initiatives.
The funding mechanism is structured as a private placement with the return payments being supported by the international development agencies of Belgium, Italy, Switzerland and the United Kingdom and the La Caixa Foundation?. Initial payments by ‘social investors’ enable the ICRC to run activities at each rehabilitation centre and expand the ICRC’s physical rehabilitation programme. A rising number of conflicts as well as a growing annual budget of the ICRC are the driving forces for this innovative funding model.
The Norton Rose Fulbright team was led by Farmida Bi (Picture) assisted by senior associates Mark Brighouse and Andrew Coote. ?The team also included corporate partner Imogen Garner and senior associate Gavinder Punia.
Law Firms: Norton Rose Fulbright;
Clients: International Committee of the Red Cross;