Grant for businesses to help poor

MANILA, Philippines: The Asian Development Bank (ADB) and development partners will use a $3.6 million grant to support around 20 private sector businesses in Asia targeting poor and low-income communities.

"Economic growth has been high in Asia but that hasn't trickled down to improve living standards of the poorest in most countries," said, Principal Economist in ADB's Regional and Sustainable Development Department, Armin Bauer.

"Private companies are only now slowly recognising that poor and low income groups are a huge market for goods and services and a good source of employees and talent."

The grant will help companies develop new business models relevant to the poor and assess the social impact of such activities. It will focus on 'inclusive businesses', or enterprises and projects that make profits and provide goods, services, and jobs for those living on less than $3 a day.

Around 60% of Asia's population is estimated to live on this small sum.