STAFF REPORT IBD: The Group of 20 has announced the winners of the G20 Challenge on Inclusive Business Innovation, a global competition managed by the International Finance Corporation (IFC), a member of the World Bank Group. Engro Foods Limited of Pakistan was among the winners.
Ambassador Rogelio Granguillhome, Executive Secretary of the Mexican Agency for International Development Co-operation and Chair of the G20 Development Working Group, presented the awards at a recently held ceremony, says a press release here.
The G20 Challenge was launched by the worlds leading economies in order 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.
In his remarks, Lars Thunell, IFC Executive Vice President and CEO, said, “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.
“They provide impressive models for others to follow,” he maintained.