Messages From Our Members
Investment Office of the Presidency of Türkiye
The concept of impact investing has gained momentum with the Sustainable Development Goals (SDGs) announced by the United Nations in 2015 and was given further importance on the agenda during the pandemic. The number of investment funds focused only on impact investments has gradually increased, and managed assets are estimated to reach 1 trillion USD. Countries targeting impact investments establish advisory boards on a national level. Countries aim for investment projects compatible with the SDGs under the supervision of the advisory board and shape their efforts accordingly. In this context, we shared the “Impact Investment Ecosystem in Türkiye” Report with the Istanbul International Private Sector Development Center (IICPSD), an organisation affiliated with the UN, in December 2019. The report highlights the importance of establishing a National Advisory Board to carry out more effective structuring, organisation, incentive and capacity development activities on impact investing in Türkiye.
As a founding board member, we are pleased to see the establishment of the Impact Investment Advisory Board “EYDK”. I would like to express my gratitude to President Recep Tayyip Erdoğan and all stakeholders, especially the founding board members, for their support and valuable contributions during this process.
The Investment Office aims to integrate the concept of impact investments as a significant investment model in the Turkish economy both in the context of finance and development economics and to increase the share obtained from international impact investment funds. One of the priority topics in “Türkiye’s Foreign Direct Investment Strategy” is to attract investments in accordance with the SDGs, and impact investments are one of the most important elements of this topic. I hope the steps taken by EYDK in line with this vision will be beneficial for the industry and our country.
Ministry of Foreign Affairs
I am pleased to serve as the representative of the Ministry of Foreign Affairs of Türkiye at “The Impact Investing Advisory Board (EYDK)”, which was established in April 2021.
The establishment of EYDK is in line with our national development plans and will serve as a facilitator in making impact investing for sustainable and inclusive investment in Türkiye. EYDK will be mobilising both government agencies and private sector stakeholders in developing a regulatory system, providing capacity-building activities, raising awareness, and developing a clear understanding of impact measurement and management across all sectors. EYDK’s pioneering role in this process will also pave the way for other stakeholders interested in impact investing.
Ministry of Foreign Affairs has been contributing to these efforts since EYDK’s inception and will further collaborate with EYDK in the upcoming period. Türkiye’s geostrategic location, diverse culture, strong infrastructure, and vibrant economy create a unique opportunity for global impact investing efforts.
We expect that EYDK will be a facilitator of the development of impact investing in Türkiye, especially in realising Türkiye’s real potential in this area.
Ministry of Industry and Technology
General Director of Development Agencies
I am pleased to note that our Ministry is actively taking part in the Impact Investment Advisory Board, which is the first institutional structure for impact investment in our country. Impact investing motivates investors to yield both financial and social returns without leaving the traditional investment approach. With the dissemination of the impact investment approach, the social and environmental benefit will be provided in addition to the financial return on investments so that investment capital will be utilised to produce positive social results.
The fact that impact investing covers a large spectrum of sectors bears an opportunity in terms of the rapid progress and spread of the subject. In this regard, our Ministry has launched an important initiative for investors to make investments in line with both our country’s development priorities and the Sustainable Development Goals of the United Nations. An extensive project pipeline study is carried out for private sector investors by 26 Development Agencies. A pre-feasibility study is prepared for areas that can be invested in each province. We believe that this study will contribute to the process of increasing the quantity and quality of impact investments in our country. In the feasibility study, along with economic analyses, the impact of the investment on Sustainable Development Goals is also included.
Our Ministry will continue to provide all-out support with the Development Agencies established in 26 regions and Investment Support Offices operating in 81 provinces to disseminate the concept of impact investment in our country. In addition, we believe that the activities of the Impact Investment Advisory Board will serve to understand the “Türkiye Impact Investment Fund” that we aim to establish with Development Agencies. At this point, I would like to note that the Impact Investment Advisory Board, which will contribute to the basic vision of development agencies from “local to national, national to global”, is established at the right time, and I hope that the Board will expand with new partners to have a more inclusive structure.
Technology Development Zone
Ahmet Serdar İbrahimcioğlu
As Bilişim Vadisi, one of the central institutions of the National Technology Move in the field of civil technologies, we are sincerely happy to be a member of EYDK.
We care about directing our technology-producing ecosystem in a way that will have positive effects on social/environmental processes. Efforts to encourage and direct the impact investments that are desired to be realised throughout our country are of great importance in terms of both environmental sustainability and providing a positive impact on social common sense and order. Considering the titles indicated in the United Nations Sustainable Development Goals, it would be correct to say that the way to achieve environmental/social and economic goals on a global scale is through the holistic perspective that established EYDK.
We believe that the Impact Investing Platform, created by the stakeholders with this awareness, and the EYDK, an important organ of this platform, will provide valuable guidance in fulfilling Türkiye’s global goals and responsibilities globally.
We, as Bilişim Vadisi, are pleased to support the studies that will create an “impact” in civil technologies-oriented projects at the Impact Investment Advisory Council and to provide feedback that will add value to the experience we have gained in the field.
The Scientific and Technological Research Council of Türkiye
On behalf of my institution, I am happy to be among the principal members of EYDK. I share the same excitement with all other member organisations to participate in the work within our field of work together with all relevant stakeholders in the field of impact investing.
I believe that EYDK will enable awareness activities on impact and impact investment to be carried out rapidly and comprehensively with the participation of many stakeholder institutions. In addition, I believe that EYDK will be a platform that will contribute significantly to creating a common language on impact, increasing the capacity of the innovation ecosystem in our country through training and research activities to measure impact, improving inter-institutional cooperation, strengthening the culture of doing business together and achieving together.
As TÜBİTAK, we have focused on increasing the competitiveness and innovativeness of our country, as well as the social impact that will emerge. In our support programs, we attach particular importance to providing target and output-oriented information production, providing output and impact-based gradual support, and ensuring a systematic flow of information (considering end-users and market demands) along the value chain. We have prepared a guidance document on priority R&D and innovation issues in line with the European Green Consensus, which overlaps with the United Nations Sustainable Development Goals on many topics. We prioritise the topics included in this document in our support programs. Especially after 2019, we increased the weight of the impact dimension in our project evaluation system and updated our evaluation system to take into account the past output and impact-oriented performances of the executives in supported projects. In addition, in our support for high technology platforms, which are based on the approach of doing business and achieving together, we have made it mandatory to carry out social impact projects within the platforms, in which the social impacts of the developed technologies will be examined simultaneously. While creating TÜBİTAK’s 2019-2023 Strategic Plan, we followed an output, performance and impact-oriented approach. In this context, we have determined goals and targets in line with the issues that need to be developed in the science, technology and innovation ecosystem and designed performance indicators that will enable them to be monitored through the impact created. I consider that we have adopted a joint approach with EYDK to expand further the impact-oriented perspective in our R&D and innovation ecosystem.
We have been regularly reporting the societal and environmental impact of the 500 Istanbul portfolio companies, especially those in high-impact categories such as health, energy, access to financial infrastructure, and education. We are thrilled to be a part of the Impact Investing Advisory Board, which brings together all the stakeholders in the field. As the societal benefits and the financial returns of impact startups solidify, there is an ever-growing demand for impact investing globally. Leveraging technology, impact businesses can now scale even further than before and prove the impact that they create in shorter timeframes. IIAB’s establishment is critical to demonstrate better the successful examples coming out of Türkiye globally and put in a framework for all the stakeholders to collaborate around shared goals. Impact entrepreneurship will soon experience a big leap in Türkiye, and the opportunities both in terms of supporting societal welfare and financial gains will be orders of magnitude larger than startup investing.
Ak Asset Management
Deputy Manager General
I’m very glad to be a member of the EYDK and will be more than happy to be entrusted as an active player to improve the well-being of future generations in order to transfer the relevant resources for posterity. Within this scope, we have established EYDK and held our first meeting of the group recently.
The EYDK will act as a platform to facilitate the development of impact investing in Türkiye. The core aim will be to establish a sustainable corporate structure in this respect. Through the efforts to cultivate a sustainable national impact, managing pension funds within this framework shall play a critical role in Türkiye’s future.
Since sustainability themes are vitally important for the future of humankind, the product, service and business models capable of responding to current needs lie at the very heart of this significant transformation in designing the future.
As the most innovative actor in the field, Ak Asset Management is passionate about developing new solutions to sustainability challenges and growing the business by this objective. As for our investment philosophy, we believe understanding the environment’s needs provides different opportunities to enhance impact investing and create value in shaping the way we do business.
With sustainable economic growth and impact investing at the core of all ESG activities, we now firmly aim to pioneer innovations, develop models to align with values, facilitate the growth of impact investing collaborations and establish a well-functioning ecosystem in Türkiye.
In order to achieve sustainable development goals, each country should manifest appropriate efforts, and stakeholders must suitably cooperate. EYDK has assumed the role of an extremely influential platform for raising the awareness of the sectors and the public about the investments made in different fields for these purposes and the social-environmental effects of these investments.
As Bahçeşehir University (BAU), we will contribute to the steps taken by collaborating on this platform. For the first time in our country, we have established the CIFAL centre affiliated with the UNITAR Education and Research Institute of the UN within our University for cultivating awareness, educational studies and projects to promote the capacity for sustainable development goals. As BAU, in addition to research and development studies aimed at producing, protecting and disseminating knowledge that will enhance the living standards of our country and humanity through scientific endeavours, we aim to contribute to entrepreneurial activities in different fields, to reinforce our cooperation with our stakeholders and to contribute to the issues faced by the society at local and global level with creative solutions. As BAU within the scope of EYDK, we firmly believe that we will be able to accomplish very valuable steps together in terms of measuring social impact and investments and designing these investments according to the established criteria. We aim to share the actions subsumed in “sustainability” in creating the investment ecosystem and innovative entrepreneurship processes with all sectors and educational designs for all age groups.
The EBRD is a large-scale investor and an influential development actor with in-depth local and sector-specific knowledge. As a development finance institution with a well-developed approach to impact and environmental, social and governance (ESG) considerations alongside generating commercial and financial returns, the EBRD plays an important role in the growing impact investing landscape.
The EBRD is also one of the founding signatories of the Operating Principles for Impact Management, which are widely considered the industry standard for impact investors, including asset managers, asset allocators and development financial institutions.
The EBRD became a member of the Impact Investing Advisory Board (EYDK) in Türkiye to lead the impact investing ecosystem by example and assist the country’s sustainable development agenda.
As Etkiyap, we feel rightfully proud of taking the leading role in the founding process of EYDK, in alignment with our mission of creating awareness regarding impact investing and ensuring the development of the impact investing ecosystem in Türkiye. Once we were assigned to coordinate the incorporation of EYDK as a Task Force member, our efforts were to lead the founding process with the stakeholders efficiently while adopting the principles of inclusion and transparency as a rule of thumb. After countless meetings held with potential stakeholders coming from different pillars, the positive feedback and willingness of stakeholder participation proved that it is just the right time to establish an advisory board that gathers all relevant stakeholders under the same roof in Türkiye to prepare a road map and form a common language for impact investing.
On a global scale, impact investments, particularly post-COVID-19, are rapidly accelerating among other sustainable investment models. Financial tools and instruments that can raise capital to tackle climate change, improve access to education, deliver better healthcare services and provide equal opportunities in labour markets for the realisation of the Sustainable Development Goals are increasing every other day. Investors opt to make financial decisions with a positive financial return and a positive and measurable impact on society and the environment. Governments seek standards for overseeing and measuring social and environmental impact in delivering public services.
Within the context of Türkiye, once the entrepreneurship and philanthropy culture and geopolitical advantages are evaluated together, there is no doubt that robust actions will be taken, followed by emerging exemplary practices and models in impact investing. EYDK will act as an advisory board guiding the impact economy together with its diverse stakeholder structure coming from different pillars on a national scale and will represent Türkiye in global networks through international partnerships. We have full faith that EYDK will act as a platform for all members and working groups that support impact investments to develop and become a mainstream investment model.
idacapital believes that the depth and volume of the impact investments and investors shall increase with the establishment of NAB. We believe the successful impact investments we have made in Türkiye since 2016 will increase and lead to innovative and income-generating solutions for fundamental problems (access to finance, education, health, etc.), not only for Türkiye but also for other developing countries.
idacapital is the first and leading impact investor that aims not only for financial returns but also for social and environmental impact in Türkiye.
We believe NAB will carry an important role in the development and lead the way forward to fully utilise the potential of Türkiye in this already big global impact investment industry.
Impact Hub Türkiye
As Impact Hub, we are excited to be a part of an initiative such as EYDK that will accelerate the growth of impact investing in Türkiye. Our experience of working with many impact entrepreneurs in the past five years has shown that access to finance has a significant role in scaling their impact. Impact investment opens the door to a new form of capital, “patient capital”, which will be a brand new opportunity for entrepreneurs with solutions toward high social and environmental impact. EYDK will be an important catalyst in Türkiye in raising awareness on impact investing, building collective knowledge on the issue, and accessing local and international patient capital.
As Impact Hub, through the strength of our international network and through our experience in the ecosystem since 2016, we are excited to support the growth of the field of impact investing in Türkiye and realising EYDK’s goals in a way that contributes to all stakeholders in the impact ecosystem.
Alim Murat Özgen
As Maxis, we are honoured to become a member of the Impact Investing Advisory Board, which we strongly believe will facilitate the development of impact investing and a well-functioning ecosystem in Türkiye. As of May 2021, the Board was officially formed, and the meetings are being held to determine its strategic priorities and action plan in line with its mission and vision.
We believe Impact Investing Advisory Board will act as the main representative body in Türkiye, creating a convenient environment to support social purpose themes and maximising its social impact with potentially self-sustainable business models. The Board will facilitate forming an active ecosystem and innovate ways to tackle the societal challenges with the help of its participants, including government agencies and private sector stakeholders.
Maxis recognises that the businesses it invests in touch the lives of many people and is mindful of the social responsibilities that the investments bring. Environmental, social and governance standards are promoted and monitored throughout the portfolio companies. Going forward, under the umbrella of the Impact Investing Advisory Board, we believe it will be critically important to establish the right financing infrastructure to address the issues such as ending poverty, creating sustainable development, supporting women for equal opportunity in business life and promoting green energy. Within this context, as part of our investment strategies, we are pursuing investment projects to advance social and environmental solutions that also produce financial returns.
Zeynep Bodur Okyay
Looking at the global situation, there are many reasons to be pessimistic, such as growing and deepening inequalities, the climate crisis, migrations, and wars. On the other hand, COVID-19 has demonstrated a sense of urgency to implement major transformations for a sustainable future. It showed that we are standing in a vital, not tactical, place to take action. No one, no company or institution can overcome the global problems caused by the pandemic alone. We must wage a collective struggle. The fruit of this approach in the Kale world was the “Take Care of Your World” movement.
Our point of departure is our belief that we can reduce everything that we see as a problem in the age we are going through to the lowest level and return to our essence, take action and change it. There is an understanding of social benefit/shared value creation in the yeast of the Kale Group. We always prioritise investing in cyclical projects that have a positive impact. I believe that everyone can make a difference with a sense of care in their field of influence, at work, on the street, in their neighbourhood, in their city, in their country and finally on the planet, in every place they touch, starting from their own home, starting from their own home.
On the other hand, in a global economy where sustainable development is of strategic importance, impact investments focusing on creating a positive and measurable social and environmental impact as well as financial profitability are increasing every day. At EYDK, which is working to make impact investment a mainstream investment model in our country, we are also taking part in our own domain to put our hands under the stone. “That’s not the issue, liability-fed” the philosophy of leadership, in line with the ecosystem approach public, private and civil society stakeholders EYDK bringing together high potential impact on your investment for the future, working to bring together the institutions of today are ready to move for a better world takes on the task of becoming a platform.
In this context, hope for a more sustainable future is instilled, both in terms of capacity building and internationalisation of the issue in Türkiye and encouraging inclusive and collective cooperation among stakeholders.
Kızılay Asset Management
We are very happy to be in the establishment process of EYDK and to take an active role in EYDK.
EYDK, which will socially benefit our national development and play an active role in sustainable development goals, will ensure the awareness and dissemination of the impact investment model in Türkiye.
While producing investment solutions for the more effective and efficient use of the existing resources of Kızılay, which was established in 1868, Kızılay Asset Management undertakes pioneering and innovative roles in social finance and impact investing in line with the basic principles and values of Kızılay. The importance of impact investment and EYDK emerges in fulfilling these roles.
As Limak Holding, we are happy to be a part of the Impact Investing Advisory Board “EYDK”. As a Member of EYDK, I believe impact investing needs to be a guiding principle for private sector companies. Through impact investing, companies can be the subject of social change in the global agenda for development. The critical SDG agenda cannot be realised without meaningful engagement from the private sector. “Business as usual” will not simply achieve the SDGs. Therefore we need to go beyond the “business as usual” approach and language for development. Robust engagement of the private sector can open brand new horizons and structures for solutions that are innovative, resilience-based, and forward-looking.
In that perspective, Limak Holding and Limak Foundation, which always centred sustainability, progress and development at the centre of its activities, also prioritises social impact in its endeavours. We do spend a great effort on our sustainability policy and social impact initiatives that include but are not limited to Engineer Girls of Türkiye and SDG Impact Accelerator. By engaging with Türkiye’s Impact Investing Advisory Board, “EYDK,” we aim to follow the global and up-to-date trends as well as contribute to our country’s efforts in this area.
As TED University, we are proud and happy to be a member of the Impact Investment Advisory Board (IIAB – EYDK), which held its first meeting on May 26. Impact investing is growing rapidly as a relatively new investment area. With the establishment of IIAB, we believe that Türkiye will get its share from these investments, which have exceeded 715 billion dollars according to 2020 data. We hope that the impact investing philosophy will be a part of all investments. Since its establishment, our University has played a leading role in the development of impact investing and financing of social entrepreneurship. For this purpose, our Center for Social Innovation – IstasyonTEDU, which was established in 2016, led the preparation of a report on the state of social entrepreneurship in Türkiye, including its financing based on field research.
TED University is a member of the Global Impact Investing Network (GINN), United Nations Sustainable Development Solutions Network (UN SDSN) and EUCLID Network. In addition, TED University Technology Transfer Office TEDUTECH and Türkiye High Technology Early Stage Investment Fund (TechInvestTR) aim to prioritise impact investments with their investor identity in the funds it is involved in. We aim to be an active member of the IIAB and contribute to developing an infrastructure that will financially support solutions and create a strategic roadmap on environmental problems, food security and sustainable agricultural production, and access to basic services such as shelter, education, health, youth unemployment and the problems of immigrants.
Development Investment Bank of Türkiye
Impact investing is a term we will hear more and more in the upcoming years as it becomes a strategic priority throughout the world while growing exponentially in size. Impact investments, which create financial gains and social benefits at the same time, differ from traditional investments in that sense.
Creating an impact investing ecosystem in Türkiye will play an important role in prioritising social impact in addition to increasing profitability ratios with respect to projects to be implemented in Türkiye in the upcoming periods. As a major supporter since the beginning of the establishment process and as a member of The Impact Investing Advisory Board, we will work toward better recognising “impact investing” and its widespread adoption as a new investment model in Türkiye. This sustainable and inclusive investment method will also add value to our country’s sustainable development goals.
Our Bank has fulfilled its role related to financing sustainable development in its more than 46 years of history and always set the most efficient use of our country’s resources as its top priority. We have provided financial support to the sectors from renewable energy to technology, from manufacturing to education, acting with a dynamic, innovative and environmental-friendly and socially sensitive banking approach. We continue to make efforts to maximise our country’s contribution to the United Nations Development Program, Sustainable Development Goals Agenda 2030, by focusing on Türkiye’s economic development. The completion of the “Sustainable Development Goals Investor Map” in this field, as well as the launch of the Impact Investing Advisory Board, are all very valuable for us. As TKYB, we are proud to play an important role in establishing the Impact Investing task force and introducing the Impact Investing Advisory Board to our country.
Hale Özsoy Bıyıklı
As Turkven Private Equity, we are very happy to be a member of EYDK. We believe that this newly formed organisation will not only increase awareness of impact investing within the country but also promote Türkiye’s progress in this field in the global impact investing arena.
Both private and public sectors have done many projects on sustainability and impact in Türkiye in recent years. As these efforts continue to grow over time, it also becomes critical that we promote these efforts and induce recognition in the global arena so that Türkiye gets its fair share from global impact investing funds. EYDK, comprising both public and private sectors, can present a unified snapshot of these efforts and can be instrumental for effective awareness creation. As Türkiye gets an increasing share of the global impact investing pie and as it proactively goes through bilateral know-how transfer with global networks, impact investing will grow exponentially in Türkiye.
All EYDK members are reputable organisations with vast experience in sustainability and impact. These organisations can become locomotives in this field. Know-how transfer among members and joint projects will accelerate these corporations’ individual efforts. We have been carrying out many sustainability and impact projects at companies we have been involved with over the years. We are very excited to share our experiences with other members and listen to their different perspectives and approaches.
As United Nations Development Programme Istanbul International Center for Private Sector in Development, we are pleased to have planted the seeds of the impact investing market in Türkiye, which achieved great momentum. “The Impact Investing Ecosystem in Türkiye” and “SDG Investor Map” studies that we conducted demonstrated the great potential that Türkiye hosts for investments with social and environmental impact. As UNDP, we will gladly continue our support for the EYDK to strengthen the impact investing ecosystem in Türkiye.
As UNDP, we have been contributing to enabling the basis for impact investing in Türkiye by means of analysing the interaction between the Sustainable Development Goals and sectors as well as developing the SDG Investor Türkiye Map. We have been conducting various activities together with our partners from the private and public sectors, academia and non-governmental organisations in order to accelerate and support business ideas with high development impact potential. We value strengthening the development role of the private sector through further advancing our cooperation with prominent private sector networks. Catalysing access to efficient and fair financing tools and educational and technical support for SMEs, the backbone of the economy, we strongly believe in the importance of tackling inequalities and contributing to regional development.
We have been implementing new vocational skills development programmes to ensure that the labour force required by the growing economy is developed in a way to reach out to host communities and refugees with a focus on gender equality. Through maintaining our active engagement in the Impact Investing Advisory Board with our strong belief in joint action, we will continue to provide any support with our full assets to Türkiye’s journey of transformation into an inclusive, sustainable and green economy.
Yapı Kredi Invest
EYDK, of which we, Yapı Kredi Yatırım, are a member, has started its activities following a meeting attended by all stakeholders. The Foundation of a board in such a new field in our country will help efforts to be accelerated in the field of impact investing.
Our country enjoying geopolitical importance also has a huge potential in the social, economic, and cultural areas. Impact investing activities that are growing in many parts of the world are important in uncovering such potential with the right strategy and organisation. EYDK will make a great contribution to raising awareness in the society owing to training and promotions to be organised whilst developing impact investing in our country, realising projects that create advantages along with global, regional and local collaborations.
Climate change is an issue effect which we have been recently feeling more and more, thereby, this is an issue that must be taken into consideration by all institutions, and they must build their strategies based on such issue. Environmental factors are now directly affecting our lives. In order to leave a more beautiful world to the next generations, proper use of our resources, which are, unfortunately, diminishing day by day, is now more important than ever before.
Investments focusing on the environment and social and managerial aspects are to become more and more important in years to come and will reach a very important position. In an era when the concept of sustainability is increasing its effect on every sector, we are glad to be part of such a formation as an institution.
We, Yapı Kredi Yatırım, plan to support sustainability by serving both investors and institutions in the field of impact investing.
International Investors Association
We, the International Investors Association-YASED, are very pleased to participate in the Advisory Board for Impact Investing, which is founded to support the establishment and development of the impact investing ecosystem in our country.
We are in such a period that; the concept of sustainable development is internalised and owned by the states and companies at a level that has not been experienced before, while transformations that alter; the understanding of growth and development and trends of production, investment and trade at a global scale are taking place. We believe that the impact investing perspective that focuses on the social and environmental impacts of investments in addition to the financial returns has the potential to contribute remarkably to this agenda with its systematic approach. Our country’s involvement in his rapidly developing global impact investment ecosystem will, at the same time, help to; increase the access of the firms operating in Türkiye to the funds and financial tools that are specialised in this field, widespread the best implementation practices in our country and develop impact investing as a mainstream investment model. We believe that ABII, to realise these targets, will contribute vastly to the quick progress and increased visibility of our country in this field at the right time and with the right organisational approach that ensures public sector, private sector and NGO cooperation.
YASED, as a business NGO, operates with the vision of contributing to the sustainable development of our country with the high value-added FDI and has been contributing to increasing the awareness of impact investing via the international-level activities it organises. We are pleased that we will enrich the Board’s actions with the best and pioneering activities of our member base in this field and contribute to the development of the impact investing ecosystem of our country with distinguished members of the Board. We would like to thank the Presidency Investment Office, Development and Investment Bank of Türkiye, Impact Investing Platform, UNDP Türkiye and UNDP IICPSD, who played a major role in realising this initiative.