Citi Philippines wins Microfinance Award

Philippines and Pakistan receive Best Community Program Gold Award at Global Corporate and Social Responsibility Summit

Microfinance is a crucial tool for lifting people out of poverty in developing countries and Citi is an enthusiastic promoter of the role of individual micro-entrepreneurs in bringing sustainability to their families and communities.

In recognition of their pioneering work in microfinance and vocational training, Citi Philippines and Citi Pakistan have been awarded Best Community Program in the Gold Category at the Global CSR (Corporate and Social Responsibility) Summit 2011.

The award goes to companies which have implemented community projects that reduce poverty and alienation while promoting better education, business growth or community engagement.

This year's Global CSR Conference was held in Cebu City, Philippines, with the theme of 'Beyond Sustainability'. Citi competed alongside 60 other companies including HSBC, GE, P&G and L'Oreal.

Citi Philippines is an acknowledged private sector leader in promoting microfinance and enterprise development. Its focus this year is on providing training and mentoring to high-potential micro-entrepreneurs to help them scale up their businesses, become more competitive and spur economic growth in their communities.

Citi Pakistan focuses its efforts on micro-entrepreneurship for vulnerable groups, including programs to support women in setting up businesses. This year also marks the completion of Citi's microfinance flood rehabilitation program with the Pakistan Poverty Alleviation Fund, which enables vulnerable groups, including widows, the disabled and the ultra-poor, to regain their livelihoods.