Los Cabos, Mexico, June 18, 2012—The Group of 20 today announced the winners of the G20 Challenge on Inclusive Business Innovation, a global competition managed by IFC, a member of the World Bank Group. Ambassador Mr. Rogelio Granguillhome, Executive Secretary of the Mexican Agency for International Development Cooperation and Chair of the G20 Development Working Group, presented the awards at a ceremony here.
The world’s leading economies launched the G20 Challenge to rapidly expand commercially viable businesses that serve the large numbers of low-income people that constitute the base of the global economic pyramid. Its goal is to identify, showcase, and support innovative business models that can be replicated across developing countries.
“The winners demonstrate that commercially viable companies can also provide economic opportunities for poor people—along with better access to clean water, electricity, health care, education, housing, phone services, and financial services.” said Lars Thunell, IFC Executive Vice President and CEO. “They provide impressive models for others to follow.”
The 15 winners together reach more than 40 million people living at the base of the economic pyramid—as suppliers, distributors, retailers, or customers—in more than 10 countries. They are:
Since 2005, IFC has invested over $6 billion in more than 200 companies that focus on inclusive business models, in more than 80 countries around the world, reaching more than 200 million people. IFC’s Inclusive Business Models Group, launched in 2010, promotes the sharing of experiences in inclusive business models and connects people, resources, and ideas in support of its clients.
Go to www.g20challenge.com for more information about the winners and the innovative business models they and others created. Go to http://www.g20challenge.com/judging-panel/ for information about the contest judges and the selection process.
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, providing advisory services to businesses and governments, and mobilizing capital in the international financial markets. In fiscal 2011, amid economic uncertainty across the globe, we helped our clients create jobs, strengthen environmental performance, and contribute to their local communities—all while driving our investments to an all-time high of nearly $19 billion. For more information, visit www.ifc.org
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