The Confederation of Nepalese Industries (CNI), a body of 50 large and medium-scale manufacturing and service sector businesses in Nepal, reportedly has promised to establish a USD 1 million social business fund over the next three years. The announcement came in response to a speech made by Professor Muhammad Yunus, founder of the Grameen Bank of Bangladesh, at the “Revisiting Nepal Microfinance Vision 2015” conference in December 2012. Dr Yunus reportedly urged microfinance institutions (MFIs) to link microfinance with social business in an effort to increase employment.
Further details on the CNI fund have not yet been released.
By Charlotte Newman, Research Associate
Sources and Additional Resources:
The Himalayan Times: “Yunus Urges MFIs to Create Social Entrepreneurs,” http://thehimalayantimes.com/fullNews.php?headline=Yunus+urges+MFIs+to+create+social+entrepreneurs&NewsID=358694
MicroCapital.org story, April 5, 2012, “MICROCAPITAL BRIEF: Nepal Rastra Bank (NRB) to Increase Number of Bank Branches in Remote Areas,” http://www.microcapital.org/microcapital-brief-nepal-rastra-bank-nrb-to-increase-number-of-bank-branches-in-remote-areas/
MicroCapital.org story, October 31, 2012, “MICROCAPITAL BRIEF: Multilateral Investment Fund (MIF) to Make $4m Equity Investment in Vox Capital Impact Investing Fund for Brazil for Social Businesses, SMEs,” http://www.microcapital.org/microcapital-brief-multilateral-investment-fund-mif-to-make-4m-equity-investment-in-vox-capital-impact-investing-fund-of-brazil-for-social-businesses-smes/
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