The Asian
Development Bank (ADB) and development partners will use a new $3.6 million
grant to support around 20 private sector businesses in Asia targeting poor and
low-income communities.
“Economic
growth has been high in Asia but that hasn’t trickled down to improve living
standards of the poorest in most countries,” said principal economist in ADB’s
Regional and Sustainable Development Department Armin Bauer. "Private
companies are only now slowly recognising that poor and low income groups are a
huge market for goods and services and a good source of employees and talent.”
The grant
will help companies develop new business models relevant to the poor and those
on low incomes, and assess the social impact of such activities. It will focus
on 'inclusive businesses', or enterprises and projects that make both profits
and provide goods, services, and jobs for those living on less than $3-a-day.
Around 60 per cent of Asia’s population is estimated to live on this small sum.
Among the
potential projects to receive support this year are a cacao project and
seafarers scholarships in the Philippines, spice production in Cambodia and
India, and a water project in the People’s Republic of China.
The grant
will also finance work with governments and business associations to make
inclusive business much easier. In the Philippines, for example, ADB is helping
the Department of Trade and Industries’ Board of Investments set up inclusive
business accreditation. ADB is also planning a major loan for generating jobs
for the rural poor through private sector initiatives.
Apart from
ADB, the Government of Sweden and Credit Suisse, an international financial
services company, also financed the grant. Further support comes from the World
Business Council for Sustainable Development as well as the French, the German,
and the inter-American development banks.
“Inclusive
business is a new development area for many donors. We want to be instrumental
in helping ADB move into this important field,” said programme manager for
private sector cooperation in Asia at the Embassy of Sweden in Bangkok Maja
Forslind.
In addition
to its financial contribution, Credit Suisse will deploy up to six staff every
year for the next three years as part of its Global Citizens Programme to
provide specialised business expertise to companies targeting low income
communities.
“One of the
greatest contributions that business can make to society is to expand access to
goods, services and economic opportunities to make growth in the world more
inclusive. In addition to our philanthropic giving and allowing our clients to
get involved via impact investing products, we believe that there is also a
great opportunity to harness our core business competencies by providing the
expertise of our staff to tackle development challenges and build inclusive
business models,” said global head of Corporate Citizenship and Foundations at
Credit Suisse Manuel Rybach.
The advisory board of the
ADB Inclusive Business Initiative met today in Manila to discuss planned
activities for 2014.
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