Korea gives $2.1 million for social businesses

Apr 3, 2012

One of the displays at an inclusive growth forum held in Dili in March 2012. Photo Sandra Magno/UNDP TL.

Dili – A new Korea-UNDP MDG Trust Fund will finance a three-year US$2.1 million project to strengthen social businesses and help the Government achieve the Millennium Development Goals (MDGs).

The project, Mobilize Social Business to Accelerate Achievement of Timor-Leste MDGs, was signed today by the Ministry of Economy and Development and UNDP.

The project will see the Government of Timor-Leste, UNDP and other partners collaborating to encourage the private sector to contribute to inclusive economic development.

This will include promoting high-impact social enterprises that will contribute to private sector development and attainment of the MDGs.

The project will strengthen viable social businesses and through partnership agreements, provide them with much needed business development services. Social business networks of relevant stakeholders will also be set up.

At a ceremony held in his office to mark the launch of the project, Minister for Economy and Development, João Mendes Gonçalves said the new project is a reflection of “UNDP’s continuing commitment to sustainable development in Timor-Leste”.

“Supporting inclusive economic development to meet the needs of the vulnerable in the country remains a big challenge and therefore support from our partners and donors is very welcome,” said Minister Gonçalves.

“This project demonstrates the changes in donor support in Timor-Leste toward strengthening the private sector to develop businesses and employment opportunities for rural and low-income populations,” said UNDP Country Director, Mikiko Tanaka

“Private-sector partnerships are now more than ever, integral for fostering inclusive growth in Timor-Leste and serving as a catalyst for achievement of the Millennium Development Goals,” added the Ambassador of the Republic of Korea.

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