Julie Bishop & Michael Bloomberg: Collaboration with Private Sector Helps Aid

Mar 30, 2015 2:30 PM ET

Originally posted in The Australian.

By Julie Bishop and Michael Bloomberg

With so many pressing needs around the world, governments and non-profit organisations have a responsibility to use foreign aid dollars as efficiently and effectively as possible, to create the best outcomes for the greatest number of people.

Doing that requires finding ­innovative new approaches to stubborn challenges — an idea that lies at the heart of an ambitious initiative that we will be helping to guide, called the innovationXchange, that’s being launched today by the Australian government.

The $140 million program will introduce new ideas to Australia’s aid program in a number of ­strategic areas, such as good governance, gender equality, ­education, food security and ocean health — with a focus on Southeast Asia and the Pacific. The innovatio­nXchange will bring together leaders from governments, non-government organisations and business to lend their insights into how we can tackle big challenges more ­effectively.

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Julie Bishop is the Foreign Minister. Michael Bloomberg is a philanthropist, three-term mayor of New York City and founder of Bloomberg LP.