In response to the refugee crisis sparked by the war in Ukraine, impact investor NESsT launched its Refugee Employment Initiative to provide employment resources to refugees and migrants.
The initiative was launched in partnership with IKEA Social Entrepreneurship and the Cisco Foundation and, as of June 2023, has supported 3,800 refugees with various services, primarily in Poland and Romania.
Those services include support with mental health services, language classes, obtaining work permits, childcare, and provisions of laptops among others. The initiative has also provided 1,200 refugees with skills development support, language courses, and legal assistance as part of its main focus of providing refugees with long-term employment support, career training, and quality job opportunities.
NESsT says that by supporting businesses that prioritise the financial autonomy of refugees, it is working to promote resilience, self-sufficiency, and long-term economic growth in communities affected by displacement.
The initiative supports companies that are working to generate or sustain jobs in the next five years by directly employing refugees, placing refugees in the labour force, as well as having a proven commitment to positive environmental practices and policies.
In addition to funding, companies supported by the NESsT Refugee Employment Initiative also receive training and support in social impact measurement and mentoring from experts from IKEA, Cisco, and NESsT's networks.
"This award serves as a testament to the impact that the NESsT Refugee Employment Initiative has achieved to date, supporting refugees in Central and Eastern Europe to access jobs and regain financial security," said Nicole Etchart, CEO and founder of NESsT. "The initiative exemplifies NESsT's investment focus on long-term, sustainable solutions for marginalised communities around the world."
"Refugees from war are among the most vulnerable people and NESsT's positive impact should be highly evaluated," commented one IMPACT Awards judge.
Another stated it was a "very compelling impact story," but added it is "not clear how scalable it is".
The initiative also won Social fund of the year, Europe in the 2023 Environmental Finance Sustainable Investment Awards.
