A little enterprise goes a long way to ending third world poverty

Tim Costello; 24/2/02

Tim Costello is chief executive of World Vision Australia. Muhammad Yunus is visiting Australia in March for the Power of Small business events.

Not typical development aid, which focuses on critical areas of need such as clean water and education. Local entrepreneurs create wealth, and there is a growing movement of “social businesses” unleashing business principles to beat poverty. In Australia, harnessing the power of ideas and the strength of optimism is what we rely on to keep our society growing and healthy. In poor communities in Kenya or Indonesia or elsewhere, it is no different. Entrepreneurs making good use of capital create employment and lift the level of wealth — and resilience – of a community. Many poor people stay poor because they literally have no money. Banking systems often fail to reach regional and rural districts in developing countries. But access to finance and markets can change people’s options. Microfinance is the brainchild of Bangladesh’s Nobel laureate Muhammad Yunus and his Grameen Bank.
See: http://www.theaustralian.com.au/news/opinion/a-little-enterprise-goes-a-long-way-to-ending-third-world-poverty/story-e6frg6zo-1225833619893; www.thepowerofsmall.com.au