Muhammad Yunus announces financing in Haiti

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Associated Press

Posted on October 13, 2012 at 2:32 PM

Updated Saturday, Oct 13 at 3:34 PM

PORT-AU-PRINCE, Haiti (AP) — Nobel peace laureate Mohammad Yunus has announced that his pro-business development group is financing several endeavors through a mix of loans and equity.

The projects that incorporate Yunus' development philosophy of "social business" include two poultry farms, a plantation of jatropha plants to be used for biodiesel, a bakery and a tilapia fish farm. Amounts invested in each will range from $80,000 to $500,000.

Like non-governmental organizations such "social businesses" must each have a social mission, but they also must generate revenues to cover costs like a profit-making business.

Yunus made the announcement Saturday on the first day of a conference examining ways to "eradicate" poverty in Haiti using his development philosophy.

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