Sept 06, Colombo: Federation of Chambers of Commerce and Industry of Sri Lanka (FCCISL), the apex body of the Sri Lanka's private sector, and Oxfam GB recently signed a MoU with an aim to enhance the positive impact of Corporate Social Responsibility (CSR) on poverty.

The initiative undertaken by FCCISL and Oxfam GB will explore how to incorporate CSR practices more strategically into Sri Lanka’s private sector. It will undertake a mapping of the current scale, scope and effectiveness of CSR, and will provide practical guidance for the private sector on how to imbed CSR into core business practices.

The stakeholders in the government, private sector and civil society will be involved in developing a shared definition of CSR, and draw on strategies to galvanise a more strategic uptake of CSR as a poverty reduction tool, at business and policy levels.

A key focus will be on building the capacity of FCCISL as a national resource so it would be able to provide the private sector with advice and support on developing and implementing coherent strategies that imbeds CSR into core business, which can be an important means to help lift people out of poverty.