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Citi Foundation Begins Microfinance Program
March 26, 2008 |
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The Citi Foundation has announced a three-year US$11.2 million international grant program, in partnership with the SEEP Network to advance the integration of microfinance into the mainstream economies of developing countries, including China.
The China Association for Microfinance will be one of the foundation's network participants.
This program builds on the Citi Foundation's long-standing support of the microfinance industry. Over the past decade, the Citi Foundation has contributed nearly US$60 million in funding to support 250 microfinance institutions, microfinance networks and microenterprise programs in 55 countries.
Bob Annibale, the head of the Citi Microfinance Group and a board member of the SEEP Network said in a press statement, "The outstanding regional and local microfinance networks selected to participate in this program are committed to improving the efficiency and effectiveness of their MFI members, promoting performance standards, and contributing to the growth of the microfinance industry overall. As local knowledge centers that share information, learnings and best practices in support of the microfinance industry, we are confident that their participation in the Citi Network Strengthening Program will result in expanded outreach to microfinance clients in the countries they serve."
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