Korea Provides $2.1 Million for Project on Social Businesses in Timor-Leste

Aug 22, 2012



The Korea-UNDP MDG Trust Fund has approved the financing of a new, three-year USD$2.1 million project to strengthen social businesses in Timor-Leste and help Government efforts in the attainment of the Millennium Development Goals (MDGs).

The project, titled ‘Mobilize Social Business to Accelerate Achievement of Timor-Leste MDGs’ was signed by the Ministry of Economy and Development of the Government of Timor-Leste and the United Nations Development Programme (UNDP) in April this year.

The project will see the Government of Timor-Leste, UNDP and other partners collaborating to explore innovative ways to mobilize the private sector to contribute proactively to inclusive economic development. This will include the promotion of high impact social enterprises that will contribute to private sector development as well as attainment of MDGs. The project will strengthen viable social businesses and through partnership agreements, provide them with much needed business development services. Social business networks of relevant stakeholders will also be set up.

Addressing a ceremony held in his office on 3 April 2012 to formally mark the launch of the project, Mr. Joao Mendes Goncalves, the Minister for Economy and Development hailed the “strong partnership” between UNDP and the Government, saying that the new project is a reflection of the “UNDP’s continuing commitment to sustainable development in Timor-Leste”. The Minister described the establishment of the project as timely and in line with the National Priorities. “Supporting inclusive economic development to meet the needs of the vulnerable in the country remains a big challenge and therefore support from our partners and donors is very welcome”.

In her remarks, Ms Mikiko Tanaka the UNDP Country Director highlighted the significance of the innovative new project supporting the Government to meet its myriad of socio-economic challenges. “This project demonstrates the changes in donor support in Timor Leste toward strengthening the private sector to develop businesses and employment opportunities for rural and low-income populations for equitable and sustainable development”. His Excellency the Ambassador of the Republic of Korea added that “private sector partnerships are now more than ever, integral for fostering inclusive growth in Timor-Leste and serving as a catalyst for achievement of the Millennium Development Goals”.

For more information please visit the UNDP Timor-Leste website: http://www.tl.undp.org/



Katherine Lester, Head of Poverty Reduction Unit, UNDP Timor-Leste. katherine.lester@undp.org