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The Ethiopian Chamber of Commerce and Sectoral Association (ECCSA) and members of the business community have started forming the Ethiopian Corporate Social Responsibility Fund.
The initial meeting and discussions about the draft charter of the fund were held Thursday September 14 at Hilton Hotel.
During the event, representatives of the business community and veteran members of the national and Addis Ababa Chamber of Commerce and Sectoral Association said they were excited about the upcoming corporate social responsibility fund, which would be the first of its kind.
The business community says they are trying to be more socially responsible.
Zafu Eyessuswork, former president of the city and national chambers, said creating this fund is crucial since the business community has a responsibility to give back to society.
“The major share of the population of Ethiopia is under 30, which indicates we have to do more to improve their lives by increasing their skills, opportunities and other supports,” a participant said.
Solomon Afework, president of ECCSA, who chaired the initial meeting, told Capital that the formation of the fund began with members of the national chamber and assistance from President Mulatu Teshome (PhD).
“Previously our association gave support for emergency incidents and accidents and we have also organized the business community to raise funds to provide emergency responses,” he explained.
“However, the issue has to be run in an organized manner so we can be sustainable and socially responsible,” he explained.
The former and current presidents of ECCSA have been involved in forming the fund.
According to Solomon the fund is expected to begin in a month at a ceremony attended by President Mulatu Teshome.
During the initial meeting the draft charter, which has four articles and 26 sub articles was reviewed by participants.
According to the draft charter the fund will have members, a board and office that will run the day to day activity.
The office will mobilize funds from the private sector and other partners to provide support for sustainable projects and emergency assistance.
Corporate social responsibility is used as an effective public relations tool in many countries.
Recently Ministry of Mines, Petroleum and Natural Gas, imposed a commitment for mining companies to invest a minimum of two percent of their annual revenue to local communities they operate in.