Russia: Citigroup & RMC Launch 2nd Annual Microentrepreneurship Awards Program

Citigroup
Citigroup, 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, insurance, securities brokerage, and asset management. Major brand names under Citigroup’s trademark red umbrella include Citibank, CitiFinancial, Primerica, Smith Barney, Banamex. Additional information may be found at www.citigroup.com.

NAUMIR
The National Partnership of Microfinance Market Stakeholders is as a forum for discussions and negotiations in the sphere of microfinance amongst service providers, investors, government authorities, and others involved in microlending relationships. One of NAUMIR’s objectives is to promote a favorable and accurate public perception of microlending services offered by members of the Partnership.
NAUMIR’s mission is to assist the development of microfinance component in the operation of various finance and credit institutions with regard to changing needs of small business operations through bringing together various professional groups representing the interests of microfinance practitioners to promote legislation, standards and industry support programs.

Russian Chamber of Commerce and Industry
The Chamber of Commerce and Industry is a unique public institution. Vertically, it represents the interests of all tiers of business - small, medium-sized and large business. Horizontally, its activities embrace all areas of entrepreneurship: industry, domestic and foreign trade, agriculture, financial system, services.
The RF CCI unites the entire range of Russian businesses from small businesses to broad-based concerns, industrial and financial groups. Territorial chambers of commerce and industry and associations of entrepreneurs are members of the RF CCI and contribute to the across-the-board implementation of economic interests of tens of thousand business participants all across Russia.

Uniting 20,000 companies and public institutions, the Chamber of Commerce and Industry of the Russian Federation contributes to the establishment of a favorable climate for entrepreneurship in Russia. The Chamber includes more than 170 regional chambers of commerce and industry, around 180 associations of entrepreneurs and more than 60 federal-level commercial organizations, more than 270 companies and firms established with participation of chambers of commerce and industry and forming the infrastructure of serving entrepreneurship in the regions of Russia, 17 foreign representative offices in CIS, Europe and Asia, 6 mixed chambers established in cooperation with other countries. http://www.tpprf.ru.

Russian Microfinance Center
The Russian Microfinance Center (RMC) works to promote the development of a strong, sustainable microfinance sector in Russia and provides a range of services to microfinance practitioners, other interested institutions and individuals regardless of their legal and institutional form, size and location. Any organization engaged in microlending can access RMC services and support. Through this work, the RMC aims to promote further development of the microfinance industry in Russia and, thereby, to make a meaningful contribution to Russia’s economic and social development. www.rmcenter.ru.


	Printer Friendly Page		FOR IMMEDIATE RELEASE Citigroup Inc. (NYSE: C) Jun 20, 2006 Russia: Citigroup & RMC Launch 2nd Annual Microentrepreneurship Awards Program Moscow – The Citigroup Foundation and the Russian Microfinance Center (RMC) announced the launch of round two of the Russian Microentrepreneurship Awards in association with the 2006 Citigroup Microentrepreneurship Awards program at a press conference in Moscow today. A report on the overall growth and development of the microfinance sector in Russia was also presented at the press conference. The Russian Microentrepreneurship Awards is a follow up to the Global Microentrepreneurship Awards program which was held in Russia in 2005. The goal of the awards program is to encourage and support best practices among both microentrepreneurs and microfinance institutions throughout Russia and to draw public and government attention to the important role that microfinance plays in promoting economic development at the local level. This year, the Citigroup Foundation is providing 100% of financial support to the awards that are being hosted in 24 countries around the world. In Russia, the main co-organizers of the Award are the National Partnership of Microfinance Market Stakeholders (NAUMIR), the Russian Chamber of Commerce and Industry (RF CCI), the Russian Microfinance Center, and Citigroup Russia. The press conference launching the award was addressed by Vladimir Bykov, Director of the Department for Work with Associations of Entrepreneurs, RF CCI; Mikhail Mamuta, NAUMIR President; Nazim Sultanov, Deputy Head of the Department for State Regulation of Economy, Russian Ministry of Economic Development and Trade; and Natalia Nikolaeva, vice president, Citigroup Russia. According to reports presented by RMC, microfinance sector in Russia grew from 1.3% to 1.8% in 2004, and currently microfinance services total 7.8-9.2 billion rubles in microloans, 4.8 billion rubles in captured savings, and reaches around 400,000 customers. Mikhail Mamuta noted that, “The average loan maturity is under one year, and most loans – 58% – are made for business purposes. Many microloan recipients are start-up businesses, emphasizing the importance of our program for the development of Russian entrepreneurship.” Natalia Nikolaeva said, “The success of last year’s program showed that microfinance in Russia has tremendous growth potential. We hope to receive even more applications to participate in the award this year." Applications will be accepted June 21 through October 2, 2006. Microfinance institutions will apply on behalf of their customers/members/shareholders. Members of the Award Selection Board are representatives of the RF government, international organizations, universities, banks, and experts in microentrepreneurship. Winners will be awarded in the following nominations: Best Individual Entrepreneur among commerce and other types of enterprise Best Employer among commerce and other types of microenterprise Best Loan Officer Best Microfinance Program for SME support The award ceremony will be held November 30, 2006 in Moscow during the Fifth National Conference “Microfinance in Russia: Components of Success. Past Experience for Future Growth.” # # # Citigroup Citigroup, 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, insurance, securities brokerage, and asset management. Major brand names under Citigroup’s trademark red umbrella include Citibank, CitiFinancial, Primerica, Smith Barney, Banamex. Additional information may be found at www.citigroup.com. NAUMIR The National Partnership of Microfinance Market Stakeholders is as a forum for discussions and negotiations in the sphere of microfinance amongst service providers, investors, government authorities, and others involved in microlending relationships. One of NAUMIR’s objectives is to promote a favorable and accurate public perception of microlending services offered by members of the Partnership. NAUMIR’s mission is to assist the development of microfinance component in the operation of various finance and credit institutions with regard to changing needs of small business operations through bringing together various professional groups representing the interests of microfinance practitioners to promote legislation, standards and industry support programs. Russian Chamber of Commerce and Industry The Chamber of Commerce and Industry is a unique public institution. Vertically, it represents the interests of all tiers of business - small, medium-sized and large business. Horizontally, its activities embrace all areas of entrepreneurship: industry, domestic and foreign trade, agriculture, financial system, services. The RF CCI unites the entire range of Russian businesses from small businesses to broad-based concerns, industrial and financial groups. Territorial chambers of commerce and industry and associations of entrepreneurs are members of the RF CCI and contribute to the across-the-board implementation of economic interests of tens of thousand business participants all across Russia. Uniting 20,000 companies and public institutions, the Chamber of Commerce and Industry of the Russian Federation contributes to the establishment of a favorable climate for entrepreneurship in Russia. The Chamber includes more than 170 regional chambers of commerce and industry, around 180 associations of entrepreneurs and more than 60 federal-level commercial organizations, more than 270 companies and firms established with participation of chambers of commerce and industry and forming the infrastructure of serving entrepreneurship in the regions of Russia, 17 foreign representative offices in CIS, Europe and Asia, 6 mixed chambers established in cooperation with other countries. http://www.tpprf.ru. Russian Microfinance Center The Russian Microfinance Center (RMC) works to promote the development of a strong, sustainable microfinance sector in Russia and provides a range of services to microfinance practitioners, other interested institutions and individuals regardless of their legal and institutional form, size and location. Any organization engaged in microlending can access RMC services and support. Through this work, the RMC aims to promote further development of the microfinance industry in Russia and, thereby, to make a meaningful contribution to Russia’s economic and social development. www.rmcenter.ru.