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BERMUDA | RSS PODCAST

Business with a difference helps communities

Guest speaker: Pamela Barit Nolan, of Adara Development, which helps support 30,000 people in struggling communities overseas

A thriving global non-profit founded in Bermuda is seeking new corporate partners to further its work in struggling communities overseas.

“We realise that there are many needs right here at home in Bermuda,” said Pamela Barit Nolan, development manager for Adara Development.

“But for those that are able and that are interested in helping those that really have nothing when compared to ourselves, we would be happy to have you join us.”

Ms Barit Nolan addressed Hamilton Rotary Club on Tuesday on the growth of Adara, formerly known as the ISIS Foundation, which was established in Bermuda by business philanthropist Audette Exel.

Describing the organisation as “an investment banking business with a bit of difference”, Ms Barit Nolan said its aim was to channel the money that businesses would normally take as profits and use it instead to “help the most vulnerable”.

Over its 17 years in business, Adara has registered in six countries and supports more than 30,000 people a year.

“The Adara Group is unique model that consists of an Australian corporate advisory business, Adara Advisors, and an international development organisation, Adara Development,” she said.

“Adara Advisors is a corporate finance business which advises companies on large international transactions and raises money for global fund managers. The sole objective of the business is to fund the overhead costs of the development organisation.”

Projects in Uganda and Nepal have been directed at the “truly disadvantaged”, but the organisation also carries out extensive research for its work.

The non-profit partnered successfully with the insurance and reinsurance firm Aspen eight years ago. Ms Barit Nolan said it had raised staff morale and pride, with contributions of $2.3 million by Aspen Corporate and a further $700,000 from Aspen staff as of June this year.

“We would love to partner with three to four more global businesses that are interested in linking their staff with a hugely impactful project,” Ms Barit Nolan told the club.

“We are also interested in individuals or groups of individuals that might wish to ensure abused women get the legal help they require, to assist children, especially girls, get the education they need to be productive and creative supporters of their communities, to provide care to mums and babies in the earliest stages of their lives, to bring clean water and an ability to grow food at high altitudes, to educate families on best practices around nutrition and sanitation and so many more things that we take for granted here in Bermuda.”

She said Adara was looking for “partners in Nepal for programme needs of approximately $500,000 and in Uganda of approximately $250,000”.