Social investment organisations will be celebrated in a new award ceremony announced today by the Cabinet Office.

Nominations opened this morning for the ceremony in October which includes five categories - the Investor Access Award, the Global Impact Award, the Community Impact Award, the Investment Readiness Award and the New Markets Award.

The ceremony is the latest initiative by the government to push the concept of social investment – which involves charities borrowing money and releasing bonds to raise funds for social projects – to businesses and investors alike.

The social investment market grew by 25 per cent between 2010 and 2012 and is expected to grow to £1bn worth of investment in the UK by 2016, the Cabinet Office said.

Recent moves by the government to encourage the growth of social investment include making over £70m available through the Investment Readiness Programme, DWP Innovation Fund and Social Outcomes Fund; launching Social Investment Tax Relief; and investing £30m in two cross-government social impact bond funds to enable preventative interventions for young people who are not in education, employment or training (NEETS).

Brooks Newmark, the minister for civil society, said: “This Government has played a leading role in developing the market, and these awards give us an excellent opportunity to shine a light on some of the most pioneering enterprises and investors who are making it all happen.”