Will We See the Generosity of the Likes of Bill Gates Ever Again? Asks Antoine Nohra Chairman of Credico USA

    MONTREAL, QC, August 16, 2013 /24-7PressRelease/ -- "At that point Bill Gates and Warren Buffet were aiming to give away billions of dollars to charity," commented Antoine Nohra, Chairman of Credico USA one of America's leading outsource sales organizations. "They were inspiring other entrepreneurs to follow suit."
Of course the crash slowed and in some cases stopped the rate of giving to charitable causes.

The Credico USA chairman believes that we are seeing a return of the 'culture of giving" as America climbs out of the financial trough it has been in. "It must be said that the US economical landscape has changed, explained Antoine Nohra. "And with that we will be seeing a different constuct when it comes to donating to charity."

Judith Rodin, president of the Rockefeller Foundation, the $4bn endowment charity founded by John D Rockefeller in 1913 agrees with the Credico USA's CEO. "There simply isn't enough money in philanthropy and in governments and development aid to solve all the problems in the world effectively," she says.

The new breed of young wealthy investors has changed the game.

"They do not want to simply do their philanthropy with their right hand while investing with their left hand," commented the Credico chairman. "From what I have seen they want a blended product that could have a double impact. Possibly contributing to an environmental or social program while at the same time achieving a financial return," Nohra went on to say.

While in the UK Antoine came across 'Social Finance', a London organization founded by Sir Ronnie Cohen with the help of the Rockefeller Foundation. "This is an incredibly innovative philanthropic concept where social impact bonds are issued and whose returns are calculated actuarially on the basis of social gain," he declared enthusiastically.

At a prison, a trial program has issued bonds based on the success in lowering re-offending rates. Judith Rodin explained: "If its successful at the level it is expected to, the Government will save money, the re-offending rate will go down and the private investor will get paid, so there really is a triple win."

So confident are the founders they are introducing it to many US states where they are using it to reduce homelessness and re-offending. "It's even being used by the state of California in a bond to reduce illness rates of childhood asthma," said the president of the Rockefeller Foundation.

"Five years ago this form of 'giving' was not even thought of. Now we are witnessing the next generation of philanthropy, a generation where giving is aligned to risk but at the same time promises reward. It is good news for both charities and investors," the Credico USA chairman enthusiastically declared.

Antoine Nohra CEO of Credico, one of the country's fastest growing outsource sales companies in the United States.

# # #