$100,000 Grant to PlaNet Finance for the development of Arabic Training programs aimed at Microfinance Institutions
Dubai-As part of its continued efforts to develop the microfinance sector in the MENA region, Citi Foundation, Citi's social investment arm, today announced a $100,000 grant to PlaNet Finance towards the development of a microfinance training curriculum in Arabic aimed at Microfinance Institutions (MFIs) in seven Arab countries.
According to PlaNet Finance, a Paris-based non profit organization which aims to alleviate poverty by contributing to the development of the microfinance sector:
- The number of microfinance active clients in MENA has increased more than tenfold, from 129,000 to approximately 1.5 million (1999-2006)
- Microfinance has replaced governmental programs and employment funds as the most important source tool for starting and consolidating income-generating activities.
- The MENA region is home to 5 million potential micro entrepreneurs, currently lacking access to financial services.
- Compared to other parts of the World (Latin America, South Asia), the Microfinance sector in the MENA region is still underdeveloped in terms of beneficiaries as well as sustainable Microfinance Institutions.
- The majority of the MFIs in the region are not-for-profit NGOs with very few commercial banks active in the sector.
PlaNet Finance will build a thorough Arabic Curriculum consisting of 50 modules aimed at top and middle managers of Microfinance Institutions that are active in the Arab World. The modules will give MFIs access to international best practices in the fields of Human Resources, Planning and Strategy, Products, Accounting, Supervision and Finance, and will be delivered through 5-day training sessions in Casablanca, Cairo, Beirut, Amman, Ramallah, Damascus and Sana'a over the next 3 years.
Mohammed Al-Shroogi, Managing Director for the Middle East and Chief Executive Officer for Citi in the UAE, said: "Citi aims to support and develop the microfinance sector in the region through a combination of community initiatives and by working with the best organizations in the field. Through its extensive presence in the region and proven training record, PlaNet Finance is best suited to partner with Citi towards the advancement of this worthy cause."
Claire Cabanel Rey, Executive Director at PlaNet Finance UAE, said: "A key factor in developing the microfinance sector in the MENA region is the availability of suitable local language training modules aimed at Microfinance Institutions. With the help of the Citi Foundation, we will now be able to deliver customized training programs to MFI professionals who are crucial resources in advancing the cause of microfinance in this part of the world."
She added: "By improving the ability of local MFIs to evaluate and respond to the needs of the poor as well as improving the offer of microfinance products and services, all future clients of MFIs participating in the Arabic training sessions will benefit from the project. This is particularly true as the project will help the MFIs to grow and reach new clients."
Citi has been in the Arab World for nearly 50 years and continues to view the region as critical to its global franchise. It is currently present in ten Arab countries including Egypt, UAE, Lebanon, Jordan, Tunisia, Morocco, Algeria, Bahrain, Qatar and Kuwait.
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About Citi
Citi, the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Citi's major brand names include Citibank, CitiFinancial, Primerica, Citi Smith Barney and Banamex. Additional information may be found at www.citigroup.com or www.citi.com
About Citi Foundation
The Citi Foundation supports organizations that help people improve their lives, businesses to grow, and communities to prosper around the world. The Citi Foundation focuses its grants primarily in three areas: financial education, educating the next generation, and building communities and entrepreneurs. Additional information can be found at http://www.citigroupfoundation.com
About PlaNet Finance
Created in 1998 in France, PlaNet Finance is an international non profit organization, which aims to alleviate poverty by contributing to the development of the microfinance sector. By providing access to financial services to the poor and the poorest, Microfinance Institutions (MFIs) and other financial providers such as PlaNet Finance are contributing to the creation of an inclusive financial sector worldwide.
PlaNet Finance's aim is to support these efforts by federating these Financial Intermediaries, and providing them with operational services (Technical Assistance, Trainings...). PlaNet Finance also works with the private sector (banks and financial institutions), government and international agencies to facilitate the creation of an efficient microfinance sector.
PlaNet Finance has developed operations in more than 60 countries and has established an international network of affiliated offices in developing countries. PlaNet Finance UAE was created in 2005 and since then, offices opened in Egypt, Jordan, Palestine and Lebanon carrying out a wide range of activities to support the Microfinance sector in the MENA region. For further information, please visit: http://www.planetfinance.org
For further information, kindly contact:
Aisha Ali
Media Relations
Citi
Tel: ++971 4 604 4250
Email: aisha.mohammad.ali@citi.com
© Press Release 2007
