CG Foundation — a CSR initiative of Chaudhary Group — signed an agreement with the Yunus Centre today to set up a Social Business Fund (SBF).
Nobel Laureate Prof Muhammad Yunus and chairman of Chaudhary Group Binod Chaudhary signed the agreement to establish a new joint venture — Social Business Fund (SBF) — and undertake collaborative activities in Nepal to help alleviate poverty through various social business endeavors, on behalf of their respective institutions.
According to the agreement, Chaudhary Group (CG) will organise the finances to create a Social Business Fund (SBF), while Yunus Center will provide the needed technical support. The Social Business Fund will finance social business ventures to help improve lives of the people in Nepal.
The Social Business Fund will also abide by fundamental principles of social business postulated by Prof Muhammad Yunus.
According to principles, the business objective will be to overcome poverty or one or more problem like education, health, technology access and environment, which threaten people and society: not profit maximization; financial and economic sustainability; investors get back their investment amount only and they cannot claim dividend; when investment amount is paid back, company profit stays with their company for expansion and improvement; environmentally conscious; workforce get market wage with better working conditions and do it with joy.The CG Foundation established by the Chaudhary Group to contribute to the society in need of health care and education, and to promote art, culture and sports in Nepal endeavors to conduct all its businesses in a socially and environmentally responsible manner, said Chaudhary after signing the agreement. “It believes in the relationships it builds with its employees, customers, partners and the community at large. CG has been actively investing in the welfare of the community through its various Corporate Social Responsibility (CSR) efforts for over two decades.”