World Economic Forum in Davos & Dr Muhammad Yunus

Nobel laureate Dr Muhammad Yunus told the just-concluded World Economic Forum in Davos that world's poor people would be the most affected by the ongoing global financial crisis.

Prof Yunus, a panellist at the Davos Philanthropic Roundtable, said when the world is busy talking about bailout packages for companies, at the same time it is needed to design similar packages for the poor.

Former US President Bill Clinton, billionaire philanthropist Bill Gates and former British prime minister Tony Blair were present, among others, at the discussion, says a release from Yunus Secretariat.

The theme of the 39th World Economic Forum this year was 'Shaping the Post Crisis World.'

Prof Yunus, also founder and managing director of Grameen Bank, underlined that the crisis increased the need for special attention to the poor and the rich still had plenty of money.

"Those who had billions and have lost half of it, still have the other half. Their lifestyles will not change. But the real impact will be on the people at the bottom," said Yunus, who was awarded Nobel Peace Prize in 2006 for his efforts to lift people out of extreme poverty.

Bill Clinton also echoed his views during the roundtable saying, "The economic stimulus packages should be aimed at the poorest in society."

He also urged the world's rich nations to spend more on supporting projects in the developing world even though their own wealth has been hit.

In addition to the Philanthropic Roundtable, Prof Yunus was a lead speaker at an especially organised panel entitled 'Restoring Growth through Social Business.'

During this session, moderated by Kishore Mahbubani of the Lee Kuan Yew School of Public Policy Singapore, panellists discussed the great prospect of social business, non-loss, non-dividend companies, to address social goals ranging from improved nutrition, provision of safe drinking water, information technology for the poor and others.

They also discussed the on-the-ground experience of social businesses already being operated in Bangladesh by Grameen.

Panelist Franck Riboud, chairman and CEO of French dairy giant Danone, which has partnered with Grameen in a social business, said that all CEOs would now have to reinvent what business means in light of what is happening, and social business is a way forward for this.

In Davos from January 29 to February 1, Prof Yunus held discussions with business leaders, philanthropists, including Bill and Melinda Gates, heads of UN agencies on joint-venture collaborations in social business to address some of the world's most pressing problems, particularly healthcare for the poor.

He finalised the joint venture agreement to set up production plant in Bangladesh to produce nutrition supplement and treated mosquito nets, with Dr Humbrecht, CEO of BASF, a giant German company.