The Kathmandu Post, Dec 23 2012
CG Foundation, a CSR initiative of the Chaudhary Group, signed an agreement with the Yunus Centre on Friday to form a Social Business Fund (SBF).
As per the agreement, Chaudhary Group has pledged $1 million for the initiative — forming the SBF and undertaking collaborative activities in Nepal to help alleviate poverty through various social business endeavours.
The agreement was signed by Professor Muhammad Yunus of the Yunus Centre and Binod Chaudhary, chairman of the Chaudhary Group.
According to the agreement, the Chaudhary Group will organise the finances to create the SBF, while Yunus Centre will provide the needed technical support. The SBF will finance social businessventures, thereby helping improve the lives of the people in Nepal.
The SBF will abide by the following seven fundamental principles of social business as postulated by Professor Yunus, in its own operation, as well as that of the agencies it will finance.
CG Foundation is a body established by the Chaudhary Group to contribute to the society in need of health care and education, and to promote art, culture and sports in Nepal.