FOR IMMEDIATE RELEASE
Citigroup Inc. (NYSE: C)
February 21, 2008
Citi, FDC and BWTP Help Expand Microfinance Reach in Bangladesh
Bangladesh – Microfinance stakeholders attending a three-day gathering in Dhaka, February 24-26, will be the first to benefit from newly-launched training materials that are part of a capacity-building program by Citi, the Foundation for Development Cooperation (FDC) and the Banking with the Poor Network (BWTP). This ground-breaking regional microfinance initiative will share best practices in establishing partnerships and strategic alliances between microfinance institutions (MFIs), regulators, donors and private enterprises that will, in turn, help to expand the reach and range of microfinance services delivered to the poor in Bangladesh.
Following a symposium during the morning of February 24, a two-and-a-half-day training workshop will be held for about 35 microfinance practitioners from various microfinance organizations in Bangladesh. The workshop is designed to develop the critical knowledge and skills needed to create partnerships and alliances in the microfinance sector. Potential MFI partners could include government bodies, other non-profit organizations (NGOs) or private sector companies such as retailers, telecom operators and large financial institutions. The workshop will also share industry best practices related to the development of new microfinance products such as insurance and pensions, and educational materials.
Mamun Rashid, Managing Director and Citi Country Officer, Bangladesh said, "Developing sustainable partnerships between microfinance providers and relevant parties is key to expanding the range of microfinance products and services available. And Citi through its several community initiatives in Bangladesh and worldwide is committed to strengthening the microfinance industry to help uplift the poor out of poverty."
Craig Wilson, Executive Director, FDC, said: "This program builds on Citi's existing strong support of microfinance in the region and the BWTP's greater involvement in Asia. Importantly, this program helps to take microfinance into new territory. New partnerships within the microfinance industry will help introduce new technology such as mobile phone banking and diversified products. Partnerships can also help improve social service delivery, for example, financial literacy or community education, helping poor beneficiaries to make better choices."
Chandula Abeywickrema, Chairman of the BWTP Network and Deputy Managing Director of Sri Lanka's Hatton National Bank, said: "There is growing awareness of the benefits that microfinance partnerships can produce. It can broaden the range of services available to the poor. Microfinance institutions often have excellent access to poor clients in remote places. By entering into partnerships with others they can help increase their clients' access to services and have a meaningful impact on their livelihoods."
The symposium and workshop are part of a US$570,000 grant given by the Citi Foundation to FDC and BWTP to expand the provision of microfinance services across 10 Asian countries including India, Indonesia, Bangladesh, Philippines, Sri Lanka and Vietnam. The two-year program is focused on promoting public-private partnerships and industry best practices to help Asian MFIs build their capacity to reach more microfinance clients.
A key outcome of this program is a comprehensive set of training materials on ‘Capacity Building for Partnerships in Microfinance' which have been developed and tested with over 160 microfinance practitioners in New Delhi, Colombo and Jakarta, and have also been subjected to rigorous peer review and technical editing. The completed materials will be introduced at a series of workshops in Asia, starting in Dhaka, and also being made available via the BWTP website: www.btwp.org. They will eventually be translated into multiple languages, including Bangla, for free distribution to members of the BWTP Network and others who may be interested in applying new skills and approaches to the development of partnerships for microfinance providers.
As part of the Citi, FDC and BWTP regional microfinance program, the Asia Microfinance Forum 2008 will be held in Hanoi, Vietnam on August 26-29, 2008. This follows the successful inaugural Asia Microfinance Forum held in Beijing in 2006, and will bring together over 250 local and international delegates from banks, regulatory bodies and microfinance networks to promote constructive dialogue, connect potential partners from the private and public sectors, and showcase international best practices to benefit the Asia microfinance industry.
FDC has an established record and commitment to improving the outreach and efficiency of financial services to the poor. The BWTP Network is the leading pan-Asia microfinance network with a diverse and inclusive membership of stakeholders involved in the financing, regulation and delivery of microfinance to the poor.
Citi supports the microfinance sector through a combination of philanthropic and commercial initiatives. Citi is one of the world's largest corporate donors to the microfinance sector. The Citi Foundation has contributed nearly US$60 million in funding to support 250 microfinance institutions, microfinance networks and microenterprise programs in 55 countries. In Asia alone, the Citi Foundation has committed more than US$17 million in funding for microfinance-related programs since 1997.
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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, Smith Barney, Banamex, and Nikko. Additional information may be found at www.citigroup.com or www.citi.com.
Citi Foundation
The Citi Foundation is committed to enhancing economic opportunities for underserved individuals and families in the communities where we work throughout the world. Globally, the Citi Foundation is focusing its giving on Microfinance and Microentrepreneurship, which helps individuals become economically self-sufficient; Small and Growing Businesses leading to economic expansion and job creation; Education, which prepares young people for personal and professional success; Financial Education, which helps individuals make informed financial decisions; and the Environment with a focus on sustainable enterprises that generate jobs and stimulate economic growth while preserving the environment. Additional information can be found at http://www.citigroupfoundation.org/.
The Foundation for Development Cooperation (FDC)
The Foundation for Development Cooperation is an independent, not-for-profit international development organization, based in Brisbane, Australia. It has extensive regional activities and its early work in microfinance led to the creation of the BWTP Network in 1997. In relation to microfinance, FDC has undertaken in-depth studies on policy, regulatory frameworks, the roles of central and commercial banks, and capacity building. With Citi Foundation sponsorship, FDC and BWTP organized the "Pan-Asia Forum on Capacity Building for Microfinance in Crisis Situations" in Colombo, Sri Lanka in June 2005, and the first Asia Microfinance Forum "Partnerships and Innovations: Increasing the impact of Microfinance in Asia" in Beijing, China in March 2006. Additional information may be found at www.fdc.org.au
Banking With the Poor (BWTP)
BWTP is an expanding network of some 30-plus national policy institutions, commercial banks and NGOs from 10 countries in Asia. Its objective is to support the development of the microfinance sector in the Asia region. BWTP members include ASA (Bangladesh), Credit Development Forum (Bangladesh), Janata Bank (Bangladesh), PKSF (Bangladesh), Shakti Foundation (Bangladesh), Sajida Foundation (Bangladesh), Swanirvar Bangladesh, PKSF (Bangladesh), Bandhan (India), BWDA (India), Canara Bank (India), Friends of Women's World Banking (India), MYRADA (India), NABARD (India), Vysya Bank (India), Bank Rakyat Indonesia (Indonesia), Bina Swadaya (Indonesia), PPSW - Center for Women's Resources Development (Indonesia), Dian Mandiri Foundation (Indonesia), Rural Microfinance Development Centre (Nepal), Swabalamban Bikas Bank (Nepal), First Microfinance Bank Ltd (Pakistan), ASKI (Philippines), KMBI (Philippines), TSPI Development Corporation (Philippines), Bangko Sentral ng Pilipinas (Philippines), Hatton National Bank (Sri Lanka), Lakjaya (Sri Lanka), SANASA Development Bank (Sri Lanka), SEEDS (Sri Lanka), and Small Enterprise Development Company (Thailand). Additional information may be found at www.bwtp.org.