G-20 SME Finance Challenge Winners Announced
G-20 Pledges Millions to Scale Winning Solutions
(Washington, DC – November 1, 2010) The Group of 20 and Ashoka Changemakers, with support from the Rockefeller Foundation, announced the winners of a cutting edge search for the best and most innovative proposals to catalyze finance for the world’s most powerful economic engines: small and medium-sized enterprises (SMEs).
“The G-20 SME Finance Challenge surfaced some of the most innovative solutions to help SMEs attract commercial bank and investor interest,” said Bill Drayton, Ashoka’s Chairman and CEO. “This will enable millions, not just an elite few, to have the ability and choice to play a role in local and global economies.”
About Ashoka Changemakers
Ashoka Changemakers is a community of action that connects social entrepreneurs around the globe to share ideas, inspire, and mentor each other. Through its online collaborative competitions and open-source process, Changemakers.com is one of the world’s most robust spaces for launching, discussing, and funding ideas to solve the world’s most pressing social problems. Changemakers builds on Ashoka's three decade history and belief that we all have the ability to be a Changemaker. www.Changemakers.com
About The G-20
The Group of 20 was first established in the wake of the Asian financial crisis of the late 1990s as a meeting of finance ministers and central bank governors. Its goals were to bring stability to financial markets and to promote economic cooperation. Membership consists of advanced and emerging economies from all regions of the globe.
With the onset of the global financial crisis in 2008, the G-20 was seen as the most effective forum to lead global efforts to stem the crisis and mitigate its effects. G-20 leaders gathered on three separate occasions to stabilize the financial system, coordinate national economic policies to steer the world towards recovery, ensure that the international financial institutions were provided with the right underpinnings and adequate resources, and take new steps to increase access to food, fuel and finance among the world’s poorest.
Leaders have agreed to meet again in Canada and Korea in 2010. The G-20 Toronto Summit will take place on June 26-27, and the Republic of Korea will host a G-20 Summit on November 11-12. The Canadian and Korean summits will provide opportunities for the G-20 to follow through on its commitments from previous summits and take action to build a future of sustainable and balanced economic growth.
The G-20 countries include: Argentina, Australia, Brazil, Canada, China, France, Germany, India Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, Republic of Korea, Turkey, United Kingdom, the United States of America, and the European Union, who is represented by the president of the European Council, the president of European Commission and the European Central Bank.
About the Rockefeller Foundation
The Rockefeller Foundation fosters innovative solutions to many of the world’s most pressing challenges, affirming its mission, since 1913, to “promote the well-being” of humanity. Today, the Foundation works to ensure that more people can tap into the benefits of globalization while strengthening resilience to its risks. Foundation initiatives include efforts to mobilize an agricultural revolution in Sub-Saharan