Microfinance Focus, September 30, 2011: Inter- American Investment Corporation (IIC) and Grameen Creative Lab (GCL) signed a memorandum of understanding (MOU) to collaborate in the promotion of social business to tackle poverty and further development in a sustainable manner in Haiti under the YY Haiti (Yunus and You Haiti) initiative.
The IIC and GCL will explore ways in which they can work together to finance social businesses in Haiti and facilitate support measures, such as business development services, to incubate, strengthen, and expand self-sustainable social businesses in Haiti, especially in the field of education and vocational training, environment and agriculture, and nutrition.
In 2010, GCL together with SAP, its corporate partner in Haiti, launched the YY Haiti initiative. “Haiti has the wealth of creative entrepreneurs. Our initiative is dedicated to put institutional framework in place so that this creativity can be utilized for social business that is the business to solve social and economic problems” said Prof. Muhammad Yunus, Co-Founder of The Grameen Creative Lab (GCL).
YY Haiti initiative focuses on social businesses in the education & vocational training, environment & agriculture, and nutrition sectors. The Grameen Creative Lab will conduct due diligence, provide coaching and consulting to social business entrepreneurs, help create and develop social businesses, and finance these businesses through the YY Haiti Social Business Fund.
After the devastating earthquake that struck Haiti on January 12, 2010, GCL and SAP AG initiated YY Haiti with the goal to set up the infrastructure for the creation of social businesses, providing a powerful tool that unlocks economic potential, helps solve social problems and helps the country to recover sustainably.