Poverty to Prosperity

Build Bangladesh (www.buildbangladesh.org.bd) took a scientific and sustainable approach to develop ‘antidote’ against ‘virus’ like poverty, by transforming Poverty to Power! In 2016, we developed few strategies and actions as part of the ingredients for our dream ‘antidote’. We have been testing all components of our models over last four years and happy to share that we are getting closure to share a comprehensive package to the world soon. 

We strongly believe, ‘people do not want charity, they want a chance’!

 The key INGREDIENTS for the ‘antidote’ are: 

• Intergenerational wellbeing (sharing and caring)
• Financial, Environmental and Health literacy
• Skills development
• Entrepreneurships (in all need-based sectors)
• Housing and infrastructure (targeting lower/middle income households)
• Reciprocal agreements between developed and developing countries

 

To test these ingredients, we created a supportive ECOSYSTEM in Bangladesh by:

 

• Bringing one of the largest corporate sectors in Bangladesh on board as partner;
• Partnering with the UNDP;
• Establishing the National Advisory Board (NAB) for Impact Investment in Bangladesh;
• Bangladesh becoming the 19^th member of the Global Steering Group (GSG) for Impact Investment; and
• Gaining support from Government regulators and financial institutions.

 To realize the expected outcomes of these ingredients within the ecosystem, we incorporated an appropriate FUNDING/INVESTMENT instrument. We chose Impact Investment as the ‘21^st century tool’ rather than traditional debt, charity, grant, micro finance, and social business. This has been supported by:

• The Alternative Investment Rules 2015, Bangladesh Securities and Exchange Commission (BSEC);
• The Bangladesh Bank circular on linking Impact Investment with Green Finance (2019);
• Launching of the first Social Entrepreneurs Impact Fund – Build Bangladesh Social Entrepreneurs Fund sponsored by foreign investors; and
• Launching few open-ended Mutual Funds targeting the wellbeing of the people at the bottom of the pyramid.

With the Ingredients, Ecosystem and Funding/Investment in place, we have been testing our models at the grass root level across Bangladesh. The data to date is revealing positive outcomes, reconfirming our pathway, and helping us to refine our way forward constantly.

Title: Poverty to Prosperity

Contributor/s: Farhadur Reza

Contact: farhad.reza@impress.bz