PlaNet Finance and YouChange China Social Entrepreneur Foundation Sign Memorandum of Understanding to Cement Strategic Partnership
On August 2, 2011, PlaNet Finance and YouChange China Social Entrepreneur Foundation (YouChange) signed a Memorandum of Understanding formalizing a strategic alliance to strengthen poverty alleviation efforts in China through support to the microfinance sector. PlaNet Finance founder and President Mr. Jacques Attali and Mme Wang Ping, Chairperson of YouChange China Social Entrepreneur Foundation, signed the MOU.
With a mission to promote social innovation, the China Social Entrepreneur Foundation began supporting the Chinese microfinance sector only in 2010 but it has moved fast since that time, and officially launched a microfinance support platform in early 2011. Through discussions that began many months ago, PlaNet Finance and YouChange have informally exchanged ideas and experiences, brainstorming ways in which the neglected rural microfinance industry could be best supported. These exchange sessions resulted in YouChange’s pledge of low-interest wholesale loan funds for PF’s present and potential microfinance partners. First due to receive such assistance is the local partner microfinance institution in the European Union-sponsored project known as the From Rural Isolation to Market Integration project, the Tongwei Rural Development Association (TWRDA). In addition to loan funding, YouChange will also offer other forms of support to TWRDA, such as a management information system (Grameen Foundation’s MIFOS), whose Chinese version was commissioned by YouChange, and whose service will include, in return for some financial support, a local hotline service centre.
PlaNet Finance will share its expertise and years of experience working in the microfinance industry to help YouChange identify how and where it can make a difference in providing capital funds, technology support and capacity building. PF’s long-established network of microfinance institutions across China will serve to help YouChange qualify other MFIs for YouChange’s support. As summed up in the words of Chairman Wang during the signing ceremony, “YouChange and PlaNet Finance cherish the same ideals and are on the same path. Together they will bring innovations and push for deeper poverty alleviation efforts.”
Witnessing the event were the State Council Leading Group for Poverty Alleviation Deputy Director of the Cooperative Finance Division, Mr. Li Chunguang, YouChange China Social Entrepreneur Foundation Executive Vice-Chairperson Mr. Tang Min, Professor Du Xiaoshan, the “father of Chinese Microfinance” (who until his recent retirement was the Vice-Director of the Chinese Academy of Social Sciences Rural Development Institute Vice Director) and who is now a director of YouChange PuRong Information Advisory Co., Ltd, the new affiliate of YouChange that promotes financial inclusion), as well as the Executive Director of PlaNet Finance China, Gabrielle Harris.
About PlaNet Finance
The mission of PlaNet Finance (PF) is to promote poverty alleviation through support to the microfinance industry. Established in 1998, PF currently operates microfinance activities in over 80 countries worldwide. PlaNet Finance China, PlaNet Finance’s tax-exempt representative office in China, was first established in 2003 and has since implemented microfinance activities in over 20 rural and urban areas throughout China. For more information about PlaNet Finance China, please see our website at http://www.planetfinancechina.org
About the China Social Entrepreneur Poverty Alleviation Foundation
The China Social Entrepreneur Poverty Alleviation Foundation (YouChange) is a non-profit charitable organization with an independent legal status. It is formally approved by the State Council of the People Republic of China and officially registered under the Ministry of Civil Affairs. YouChange operates under the guidance and supervision of the State Council’s Leading Group Office of Poverty Alleviation and Development. YouChange is a private foundation funded by entrepreneurs from China and the Greater China area.