Development Marketplace 2008 winner IDE Cambodia captures first Nestlé prize of $475,000

Development Marketplace 2008 winner International Development Enterprises Cambodia is the recipient of the first Nestlé “Creating Shared Value” prize worth $475,000.  The award will support IDE Cambodia to scale its micro-franchise agricultural program that has substantially raised the income of participating Cambodian farmers (photo at left).

IDE Cambodia received the prize -- for which 549 applicants from 79 countries competed -- at a ceremony Friday, May 28, in London. 

The award will permit IDE Cambodia to extend its Farm Business Advisors (FBA) program -- initially funded with a $200,000 grant from Development Marketplace -- by recruiting and training an additional 36 advisors, generating approximately US $1.9 million in new income to impact 20,000 people in over 4,000 rural households around Cambodia. This represents an increase in income by upwards of 27 percent.

FBA trains small rural entrepreneurs who in turn offer fee-based services that show farming families how to enter or get more involved in market-oriented production. 

"We are particularly excited as it partly solves one of the challenges facing all of us – continued funding for all of our good ideas," said Philip Charlesworth, IDE Cambodia's Agricultural Program Manager.