CA to Build Financial System for Aspiring Entrepreneurs

"Human beings are not born to do jobs; they are born to be entrepreneurs. Our financial system should be built in such a way that everyone gets the chance to become an entrepreneur," he said.

The head of the interim government said this while addressing a function, marking the inauguration of the new building (Bhaban-2) of the Palli Karma-Sahayak Foundation (PKSF) at Khilji Road in the city's Mohammadpur area.

Highlighting the evolving aspirations of the younger generation, Professor Yunus said rural youths are now far more aware, informed, and imaginative. "Therefore, we should create such a financial and social environment where they can launch their own ventures - individually or through an institution," he said.

"If we can create such a framework where people can start their own ventures and even if they want they can join as investors, then this change is possible," the Chief Advisor added.

Professor Yunus believed that, in such an environment, anyone can work as an organization if they want, or they can also move forward as an individual entrepreneur if they want. Even if they want, they can raise investment and run an initiative in their own area, he added.

"We want to move forward. (So) we can experimentally see what is good and what is bad. But already, hundreds of thousands of entrepreneurs have been created, many of whom are working in teams with boys and girls," the Chief Adviser said, adding, he believed that it is possible to expand utilizing this experience.

Referring to PKSF's journey, Professor Yunus recalled its beginning in the late 1980s, when the World Bank offered Tk 20 crore, sparking intense discussions between the government, the Planning Commission, and donors. "That amount of money led to the foundation of PKSF. A committee was formed under the then Planning Minister, with myself as a member, and the name Palli Karma-Sahayak Foundation was finalized," he recounted.

Referring to PKSF's journey, Professor Yunus said that it was launched quite by chance. "The World Bank wanted to give Taka 20 crore, and letters were being exchanged at various levels about this. I proposed to preserve these letters, these are history," 

The government, the Planning Commission, the donor agencies - everyone exchanged views about that money, he said, adding, even the then President General Hussain Muhammad Ershad himself was involved in it.

If that 20 crore taka had not come, PKSF might have been formed, but it would not have happened like this, Professor Yunus said, adding, "At that time, a committee was formed, of which the then Planning Minister was the chairman and I myself was a member. Based on the proposal, the name was given- Palli Karma-Sahayak Foundation (PKSF)".

Over the passage of time, PKSF's role has expanded significantly, though the institutional and regulatory challenges emerged, especially concerning the Microcredit Regulatory Authority (MRA), Chief Adviser pointed out.

At one stage, he said, the problem with the MRA was somehow resolved and that actually cleared the way for PKSF to move forward.

"It is a high time to establish a financial structure that supports individual entrepreneurs, not institutions. We want to be business partners. If someone comes up with a business idea, we will partner with them. Not just loans -direct investment. If he wants Taka 5 lakh, we will give it, but in return, we will hold a share in the venture," the Chief Adviser said.

Following this model, he said, over time, the entrepreneur can gradually buy back the full ownership, he said, adding, "If he or she does well, he can buy our share. We want to help from a social perspective."

Noting that many entrepreneurs have emerged, but there is no list of them, Professor Yunus said technology now brought great opportunities. 

"Technology has connected us to the whole world and everything is going on. Using this technology, we can now give everyone the opportunity to go wherever they want to go," he said.

About existing laws of the PKSF, Professor Yunus said that frameworks were designed in the 1980s.

He put emphasis on amending the PKSF's own law to cope up with the current situation and expand the activities of the PKSF.

About the newly inaugurated building of the PKSF, the Chief Adviser said this new building should mark the beginning of a new chapter for PKSF.

What has been achieved in the long 35-year journey is a solid foundation. Now it's time to expand its activities, he added.

Expressing optimism, Professor Yunus said, "We will not face any shortage of funds. International community has trust in us. If we can build an integrated financial system, our dream of creating true entrepreneurs will be realized."

Finance Adviser Dr Salehuddin Ahmed and PKSF Governing Body Chairman Zakir Ahmed Khan and Managing Director Md Fazlul Kader spoke at the event, among others, reports BSS.