Enterprise Challenge Fund (ECF) for the Pacific and South East Asia is a A$20.5 million pilot program commencing in July 2007 and will run for six years providing grants to help commercialise sound business ideas in low income markets.
The AusAID-led Australian Government initiative has been developed to stimulate business trading conditions that also have positive impacts on communities affected by poverty. The long-term goal is to reduce poverty by developing a stronger private sector.
Private sector development is essential for sustainable economic development and underpins Australia’s goal of reducing poverty in the Pacific and South East Asia regions.
More than $11.5 million has been approved for 22 projects operating in Cambodia, East Timor, Fiji, Lao PDR, Papua New Guinea, southern Philippines, Solomon Islands and Vanuatu.