Republica, Dec 22 2012
CG Foundation (CGF), a CSR initiative of Chaudhary Group, has signed an agreement with the Yunus Centre (YC) to form a Social Business Fund (SBF) that would provide finances to social business ventures for reducing poverty in Nepal.
Professor Muhammad Yunus of Yunus Center and Binod Chaudhary, Chairman, Chaudhary Group on Friday signed the agreement in this regard. According to a press release; CG under the agreement will arrange finances to create a SBF, while Yunus Center would provide the needed technical support.
The SBF would finance social business ventures, thereby helping improve the lives of the people.
Chaudhary Group has announced that the SBF would abide by the seven fundamental principles of social business as postulated by Professor Yunus, in its operation as well as that of the agencies it will finance.
“Its business objective will be to overcome poverty... and not profit maximization,” reads the release.
It will adhere to spirit of financial and economic sustainability, and no dividend would be given beyond investment money. After the investment amount is paid back, company profit stays with the company for expansion and improvement.
The Chaudhary Group has also committed to conduct all its businesses in a socially and environmentally responsible manner.