Tagged: The Guardian

Jeffrey Sachs' Millennium Villages to expand with £67m loan

Jeffrey Sachs' Millennium Villages to expand with £67m loan

<p>The Islamic Development Bank (IsDB) is to provide $104m (&pound;67.3m) in loans to African governments to fund an expansion of Millennium Villages, the controversial project led by Jeffrey Sachs, director of Columbia University's Earth Institute. About $40m of the money will go towards a flagship sustainable villages programme (SVP) in Chad, Mozambique, and Sudan. In addition, $29m will support the extension of existing Millennium Village projects (MVPs) in Mali, Senegal and Uganda, while $35m will be used for a drylands initiative in Djibouti, Somalia and Uganda. Governments will team up with the IsDB, the Earth Institute, and its partner, Millennium Promise, to carry out the projects. The Millennium Village project covers more than 500,000 people in 14 areas of 10 countries in different environments across Africa. Each site was considered a "hunger hot-spot" at the time the project began in 2006. The concept works on the principle of interventions across several key areas &ndash; health, education, enterprise and agriculture &ndash; over a 10-year period.</p>
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<p><a href="http://www.theguardian.com/global-development/2013/aug/13/millennium-villages-project-islamic-development-bank" title="http://www.theguardian.com/global-development/2013/aug/13/millennium-villages-project-islamic-development-bank">http://www.theguardian.com/global-development/2013/aug/13/millennium-vil…</a></p>
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How Islamic finance and a more ethical capitalism go hand-in-hand

How Islamic finance and a more ethical capitalism go hand-in-hand

Muslims live their lives in accordance to the teachings of their founder, Muhammad, whose business dealings were strongly linked to humanitarian values. Therefore, today’s Muslims are encouraged to keep their wealth in constant circulation, either into the business, or into local communities. Comparatively, a social enterprise is an organization, which focuses on environmental, social and economical well-being with a profit-making business model. These two types of businesses have community interests in common and are also faced with similar issues due to the constant circulation of money.