Citi unveils $11.2m scheme to promote microfinance

Dubai: The Citi Foundation yesterday said it has launched a three-year $11.2 million international grant programme to advance the integration of microfinance into the mainstream economies of developing countries.

The Citi Network Strengthening Programme aims to increase the ability of 12 major microfinance networks and their members to develop products and services that meet the needs of their clients.

Focus

In the Middle East and North Africa (Mena) region, the Citi Foundation programme will be run in partnership with Sanabel (the Microfinance Network of the Arab Countries), and the programme's global partner, the SEEP Network.

Over the past ten years, the Citi Foundation has committed more than $7.6 million in funding for microfinance-related programmes in the Europe, Middle East and Africa (EMEA) region.

Mohammad Al Shroogi, managing director for the Middle East and chief executive officer for Citi in the UAE, said: "By streng-thening our partnerships with these microfinance organisations, we are helping them play a pivotal role in moving microfinance into mainstream financial services portfolios. Securing a regulatory framework for the microfinance industry will allow it to reach many more people in need."