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A venture capital fund that aims to help reduce poverty in India has
become one of the ten recipients of this year’s World Business Awards,
which showcase the best practices of the business sector in alleviating
poverty and boosting development.
The Aavishkaar India Micro Venture Capital Fund, which lends to small and medium-sized enterprises in India, received the award for is contribution to meeting the UN’s millennium development goals. The fund was founded to promote development in rural and semi-urban India and provides micro-equity funding of between $20,000 and $100,000 to commercially viable companies that provided goods and services to rural or semi-urban India. A for-profit organization, it is self-sustaining.
The World Business Awards are run by the International Chamber of Commerce, the International Business Leaders Forum and the United Nations Development Programme. Mary Robinson, former president of Ireland and current chair of The Ethical Globalization Initiative, presented the awards in New York last month.
Selections were made by an independent panel chaired by Robinson, drawn from business, labour, research and academic organizations, with representatives from ICC, UNDP and IBLF. Panellists evaluated 73 projects from 33 countries. The Aavishkaar fund was the only winner from the Asia-Pacific region.
The Aavishkaar India Micro Venture Capital Fund, which lends to small and medium-sized enterprises in India, received the award for is contribution to meeting the UN’s millennium development goals. The fund was founded to promote development in rural and semi-urban India and provides micro-equity funding of between $20,000 and $100,000 to commercially viable companies that provided goods and services to rural or semi-urban India. A for-profit organization, it is self-sustaining.
The World Business Awards are run by the International Chamber of Commerce, the International Business Leaders Forum and the United Nations Development Programme. Mary Robinson, former president of Ireland and current chair of The Ethical Globalization Initiative, presented the awards in New York last month.
Selections were made by an independent panel chaired by Robinson, drawn from business, labour, research and academic organizations, with representatives from ICC, UNDP and IBLF. Panellists evaluated 73 projects from 33 countries. The Aavishkaar fund was the only winner from the Asia-Pacific region.
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