Australian Foreign Minister Julie Bishop has called for greater private sector investment in the foreign aid program, offering 6.35 million Australian dollars ($4.53 million) in support as incentive for corporates to do business in developing countries.
“Harnessing the power of business to drive prosperity and reduce poverty has never been more necessary or more possible than now,” Bishop said Monday, Aug. 31, at the launch of Australia’s new private sector engagement strategy, which was attended by business leaders, nongovernmental organizations and government representatives.
The strategy will see funding provided to the private sector through: