Bill Clinton and Carlos Slim Launch $20 Million Investment Firm for Small Business in Colombia
BOGOTA, COLOMBIA -- Today, the Clinton Giustra Sustainable Growth Initiative (CGSGI), a project of the William J. Clinton Foundation, and the Carlos Slim Foundation announced the creation of an innovative $20 million investment fund in Colombia that creates a new source of financing for qualified micro and small businesses that are underserved by existing markets for financing.
In August 2008, CGSGI and the Slim Foundation announced their intention to tackle key health, education and economic challenges in Latin America. As part of that arrangement, the parties have worked collaboratively to design a fund that will address the barriers that numerous small businesses in Colombia face in financing their growth potential.
"Today in Latin America, so many entrepreneurs lack the access to financing that could help them connect their talents and ambitions with their businesses and incomes,” President Clinton said. “I’m hopeful this new approach will address that challenge, and in the process, will help create many new jobs for people in Colombia and the region.”
The new fund will apply market-based analysis and, uniquely, will provide enterprises with capacity-building assistance to enhance their compliance with financial reporting, management accounting, and corporate governance standards. Investments will focus on firms that are committed to job creation in Colombia, and the firms that receive funding also likely will receive guidance on social and environmental responsibility.
"One of our main objectives is to create jobs that support small businesses. Along with CGSGI, the Slim Foundation focuses on providing support and resources to these businesses – to generate more opportunities of sustainable growth and the well-being of our societies. This initiative complements the social activity projects we’ve been carrying out in Latin America - in the countries, sectors, and markets in which we have the opportunity to participate in,” said Carlos Slim Domit of the Slim Foundation.
About the Clinton Giustra Sustainable Growth Initiative
The Clinton Giustra Sustainable Growth Initiative is an innovative partnership between the William J. Clinton Foundation, the private sector, governments, local communities, and other NGOs to increase the scope, scale, impact, and sustainability of social and economic development efforts in areas where poverty is widespread. Established in June 2007 by President Bill Clinton and Frank Giustra, CGSGI focuses on alleviating poverty in the developing world through market-driven development that creates jobs and increases incomes, and by strengthening factors that enable economic growth such as health and education. CGSGI is an effort to transform the way businesses do business in the developing world, by creating opportunities and models for all industries seeking to work responsibly in those regions.
To learn more, visit www.clintonfoundation.org.
Tags: Carlos Slim , Bill Clinton , Colombia
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