Initiative in the Developing World
Philanthropists pledge $200 million for poverty alleviation in developing world
June 21, 2007
New York, NY - Former President Bill Clinton announced today that his foundation is launching a new sustainable development initiative in Latin America, the Clinton Giustra Sustainable Growth Initiative (CGSGI), thanks to the major financial commitment of two prominent philanthropists, Frank Giustra and Carlos Slim HelĂș. Giustra, a Canadian businessman, has pledged a minimum of $100 million to the effort, as well as one half of all of his future earnings from his work in the natural resources sector. He has also been the driving force to bring together a coalition of mining industry and non-industry actors that will make CGSGI possible. Carlos Slim HelĂș, the Chairman of Grupo Carso, has already answered Giustra's call for financial commitments to CGSGI and committed at least $100 million to CGSGI's work in Latin America.
"Collective action is the best strategy to address the economic, educational and health hurdles that confront millions in the developing world," said President Clinton. "I'm proud of the coalition in the natural resources industry that has come together to invest in sustainable growth in emerging economies, and humbled by the enormous financial commitment to this work by Frank Giustra and Carlos Slim. This initiative will focus on improving living conditions in Latin American countries and other nations, in partnership with the mining industry and other sectors. Ultimately, our goal is to bridge the gap between the rich and poor, and give all people a shot at a better life."
CGSGI will focus on alleviating poverty in the developing world and build on the Clinton Foundation's successful record of implementing and scaling-up development initiatives in other countries. The Clinton Foundation will act as the implementing partner, bringing together key stakeholders from the natural resources sector as well as the business community in the developing world. Participating companies from the mining industry will have a key role in CGSGI. To date, over 20 resource, resource finance and supporting companies have endorsed or signed on as partners to the initiative.
"I am honored to join President Clinton in launching the Clinton-Giustra Sustainable Growth Initiative today, and I am pleased to personally commit a minimum of a $100 million to this project, as well as half of all my future earnings from the natural resources sector for the rest of my life," said Giustra. "I firmly believe that this innovative partnership between the Clinton Foundation and the business community - and the mining industry in particular - will have a profound and positive effect on the lives of countless people in the developing world during the months and years ahead."
The new initiative will focus its efforts in Latin America and other parts of the developing world, and will identify opportunities to assist local leaders in addressing social, economic, and environmental issues in a cost-effective, scalable, and sustainable way, consistent with the Foundation's proven track record on health and development elsewhere in the developing world. CGSGI will engage other partner organizations, NGOs, and national governments as necessary to develop programs at costs that can be borne by local communities.
"Latin America faces major challenges related to poverty and education, and these needs go beyond any single country, industry, or donor," said Carlos Slim. "CGSGI is an innovative partnership that's similarly far-reaching. I'm proud to commit a minimum of $100 million to support CGSGI programs in Latin America. CGSGI will play a critical role in shaping the future of the region."
There are over 2,000 listed mining companies around the world with a combined estimated market capitalization in excess of $1 trillion. CGSGI will work with participating companies that are working in the developing world to implement sustainable systems that serve the community long after a mine in that country has been closed. A number of major resource, resource finance and supporting companies have agreed to partner with or support this new initiative (see attached).
"The Clinton Foundation has been making headlines for several years now by taking a fresh look at problems that seem intractable-and then crafting bold and highly effective solutions," said Inter-American Development Bank President Luis Moreno. "While Latin America has made great progress in recent years - particularly when it comes to political and economic stability - there are still pockets of critical need, such as access to clean water and better education, which cry out for new approaches. So I am thrilled that CGSGI will work with governments, business leaders, and NGOs to find innovative and scalable solutions to critical issues in Latin America and elsewhere. At the Inter-American Development Bank, we are convinced that the public-private partnerships so effectively leveraged by the Clinton Foundation offer the best hope for addressing Latin America's problems."
About the Clinton Foundation
President Clinton established the William J. Clinton Foundation with the mission to strengthen the capacity of people throughout the world to meet the challenges of global interdependence. To advance this mission, the Foundation works with like-minded organizations and forms partnerships with national and local governments around the world to make an immediate and measurable impact in several areas, including bringing HIV/AIDS care and treatment to underserved populations, developing sustainable economic growth in Africa and fighting global climate change. The Clinton Global Initiative serves as a non-partisan catalyst for action, bringing together a community of leaders to devise and implement innovative solutions to some of the world's most pressing issues. In the U.S., the Foundation is working to combat the alarming rise in childhood obesity and is helping to expand economic opportunity by empowering small business owners and entrepreneurs. Learn more at www.clintonfoundation.org.
For more information, please contact the Clinton Foundation Press Office: +1 212.348.0360
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