A gathering of G7 ministers responsible for development cooperation has issued a strong statement in support of impact investing.
This comes after world leaders at the G20 summit in Osaka also spoke about the potential benefits of impact investing.
The G7 consists of leaders from Canada, France, Germany, Italy, Japan, the UK and the US.
The statement from the G7 leaders outlines support for the growth of the impact investing market, which the group sees as a tool for achieving the UN Sustainable Development Goals.
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Chair of the Global Steering Group for Impact Investment Ronald Cohen explained: "Coming on the heels of the supportive G20 Leaders Declaration in Japan, this extraordinary statement sets the scene for a strong declaration from the G7 leaders in August."
The statement reads: "We support the growth of the impact investing market as a meaningful and efficient financing approach which can contribute to the 2030 Agenda.
"We stress the need to create enabling policy environments in order to help drive impactful investments towards developing countries and fragile economies.
"We support the ongoing efforts of the international community to define a common framework for measuring impact investing based on the work done by members of the Impact Management Project."
At the G20 Summit in Osaka last week, world leaders recognised the importance of innovative financing mechanisms and expressed support to mobilise additional resources for development.
The G20 statement said: "We support the implementation of the OECD DAC Blended Finance Principles for Unlocking Commercial Finance for the SDGs.
"We welcome the role of the Leading Group on Innovative Financing for Development currently chaired by Japan in sharing good practices and promoting this matter at an international level."
It went on to say the ministers recognise that private finance could be mobilised to support structural development challenges and highlighted the ways this could assist "fragile" areas - making special mention of the Sahel region in Northern Africa.