ISLAMABAD: 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.
According to ADB statement received here Friday, 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, it said adding around 60% of Asia’s population is estimated to live on this small sum.
The grant will also finance work with governments and business associations to make inclusive business much easier while the bank 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.
AAFurther support comes from the World Business Council for Sustainable Development as well as the French, the German, and the inter American development banks.
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 Program to provide specialized business expertise to companies targeting low income communities.