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Washington, D.C., December 1, 2011
—IFC, a member of the World Bank Group, and the Group of 20 today launched a new competition that will recognize emerging-market companies that provide critical goods, services, or livelihood opportunities to the 4 billion people living at the base of the global economic pyramid.
The G-20 Challenge on Inclusive Business Innovation, which was announced at the G-20 Summit in Cannes in November, will enable companies in the growing field of inclusive business to learn from each other and collaborate. IFC is managing the competition as part of the G-20’s efforts to promote private investment and create jobs under the G-20 Multi-Year Action Plan on Development.
“IFC, alongside a growing number of business and development partners, is committed to supporting commercially viable and scalable inclusive business models that generate growth and have a high development impact,” said Nena Stoiljkovic, IFC Vice President for Business Advisory Services. “IFC’s partnership with the G-20 demonstrates our shared emphasis on creating opportunities at the base of the economic pyramid.”
From today through February 29, 2012, companies can apply to enter the competition at
www.G20challenge.com
. Entries will be judged on their ability to demonstrate business model innovation, development results, potential for growth and replication, and social, environmental, and financial sustainability. IFC’s inclusive business clients are among those eligible to apply.
A judging panel consisting of representatives from the G-20, the private sector, academia, foundations and international finance institutions will select up to 15 winners whose business models will be showcased at the G-20 Summit in Mexico in June 2012. The winners will be invited to peer-to-peer learning regional workshops following the summit.
Since 2005, IFC has invested over $6 billion in more than 200 companies that focus on inclusive business models, in over 80 countries around the world. IFC’s Inclusive Business Models Group, launched in 2010, is dedicated to drawing lessons from IFC’s portfolio and to connecting people, resources, and ideas in support of its inclusive business clients.
About IFC
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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