For Immediate Release
Washington, D.C. - Yesterday, the U.S. Agency for International Development (USAID) and Yunus Social Business (YSB) signed a Memorandum of Understanding (MOU) to work together to promote entrepreneurship and the development of “social businesses” in vulnerable and underserved communities around the world and to collaborate on the development of social business incubator funds in a targeted set of developing countries. These incubator funds will provide financing as well as advisory support to selected social businesses that are poised to grow and scale up their impact.
YSB has been a pioneer in advancing social businesses, organizations that are focused on a core social or environmental mission, but employ business models which enable them to generate revenues and be financially sustainable.
“Our collaboration with Yunus Social Business is emblematic of our new model for development--a model that harnesses partnership and innovation to advance sustainable solutions to some of the toughest challenges we face,” stated USAID Administrator Rajiv Shah at the MOU signing held at USAID. “We share a vision of how to address social, economic, and environmental challenges in the developing world, and we look forward to delivering results for some of the world's poorest and most vulnerable communities."
Professor Muhammad Yunus, Chairman of Yunus Social Business, stated, “I am delighted to announce this new partnership between USAID and YSB to support our social business initiatives across the world. The technical support from USAID will help us to amplify the impact achieved by our social business incubator funds. USAID's financial contribution will act as the catalyst in attracting new private sector capital into social business, enabling YSB to invest in more social businesses, and to reach even more poor people than before. This is not just a high level partnership - YSB offices and programs in Haiti, Albania, Brazil, Colombia and Uganda, will seek to collaborate with USAID bureaus and missions, combining USAID's vast international development knowledge with YSB's expertise in social business. I am proud and excited to be joined by USAID in our effort to advance the concept of social business.”
“USAID has an interest in partnering with organizations like YSB that are taking innovative approaches to supporting social entrepreneurship that improve the impact of our own development interventions,” said USAID Division Chief of Global Partnerships Chris Jurgens.
About Yunus Social Business
Yunus Social Business (YSB) finances and provides technical assistance to social businesses around the world. YSB runs as social business itself by setting up incubator funds and providing advisory services to companies, governments, foundations and NGOs. For more information, visit http://www.yunussb.com/.
About the U.S. Agency for International Development
The American people, through USAID, have provided economic and humanitarian assistance worldwide for over 50 years. For more information about USAID’s programs, please visit http://www.usaid.gov.
Last updated: November 20, 2014