Over the past six years, more than AUD$12 million has been approved by the Enterprise Challenge Fund for 22 projects operating in eight countries across the Asia Pacific region. It has positively impacted the lives of more than 75,000 of the poorest people of the region during that time.
Ultimately, the Fund is helping to reduce reliance on foreign aid.
This Australian Aid pilot grant fund provides funds directly to businesses that have competed to prove that they can provide jobs, improve incomes and increase access to vital goods and services, such as health care and education.
The diversity of private-sector development projects funded between 2007 and 2013 are illustrated in the map below.
Businesses must contribute at least 50 percent of the total project costs and money is distributed against agreed time frames and deliverables. Projects are funded on the condition that the associated business growth will improve the livelihoods and living standards of poorer communities.
Poorer communities impacted by the Enterprise Challenge Fund report better access to employment, income, education, improved living standards and better access to essential goods and services.
The Fund is an Australian Aid initiative that is managed by Coffey.