FOR IMMEDIATE RELEASE
Citigroup Inc. (NYSE: C)
March 04, 2008
Lebanon: Citi Supports Association for the Development of Rural Capacities
Awards US$45,000 in Grants to Support ADR's Vocational Training in the South
Beirut – Citi and the Association for the Development of Rural Capacities (ADR) recently signed a grant agreement in support of vocational training for the micro and small enterprises (MSE's) in Lebanon.
Provided by the Citi Foundation, Citi's social investment arm, the $45,000 grant (provided over the period 2006-2007) supports vocational training of small entrepreneurs and unemployed individuals in order to develop both business management and technical skills in those areas most affected by hostilities in 2006.
The two-year program develops entrepreneurial skills through experts who teach participants key business skills such as developing a business plan, basic accounting and marketing, and technical skills such as baking whole meal bread, creating herbal essences, animal health and food hygiene.
The program also provides access to advanced literacy in computer and languages, and CST certification (governmental) on software development and secretarial skills. Furthermore, a primary/ secondary education tranche works to reduce school failure, dropouts and child labor through reinforcement classes, culture and leisure activities and training of school teachers.
The ongoing vocational program has so far benefited more than 250 entrepreneurs in various areas in Lebanon, including women entrepreneurs in the agriculture sector, who received training on Business Management, Food Processing Safety and Hygiene, Product Marketing and Labeling, Plumbing and Electricity.
Walter Siouffi, General Manager for Citi in Lebanon, said: "We are proud to be associated with ADR for the benefit of communities in Lebanon. We look forward to assisting where we can in the area of financial education and capacity building to support their microfinance and vocational training initiatives." As part of its partnership with ADR, Citi recently commenced a banking risk orientation program aimed at providing ADR micro-credit loan officers with an opportunity to spend a day with commercial lenders at Citibank's offices in Beirut to enhance their exposure to lending practices in the banking sector.
Adriana Doumet, Programs Manager for ADR, said: "Many micro and small enterprises (MSE's) in the South lost their businesses during the 2006 hostilities. Thanks to Citi, we were able to conduct a successful vocational program which quickly improved the skill set of many MSEs who form a significant part of the local economy and provide employment opportunities for many of the lower income segments of the population."
Citi's presence in Lebanon dates back to the 1950s. Since re-establishing its fully licensed branch in Beirut over ten years ago, the bank has evolved into an active corporate citizen, with a particular interest in supporting financial literacy and education.
Recently, Citi and the Citi Foundation announced a ten-year, $200 million global financial education commitment, the formation of a new Office of Financial Education and a global initiative designed to encourage its 300,000 employees around the world to devote time to support financial education and other charitable causes. Under the new initiative, employees may take a day off from work to volunteer for non-profit organizations in their communities.
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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. In the U.S. and Canada, the Citi Foundation supports Community Development programs that help build and revitalize neighborhoods and Education programmes that prepare students for college and careers. Additional information can be found at http://www.citigroupfoundation.org/.
Citi Financial Education Program
Based on the belief that knowledge is your greatest asset, the Citi Financial Education Program is a global, company-wide effort to identify, support and implement initiatives that help give individuals, families and communities the tools needed to make sound financial decisions. Citi's ten-year, $200 million global commitment is focused in three areas: Personal, Small Business and Institutional Financial Education. Additional information about Citi Financial Education Program, including Citi Foundation guidelines, links and resources and the Citi Financial Education Program Curriculum and Facilitator's Guide may be found at http://financialeducation.citigroup.com.
Association for the Development of Rural Capacities (ADR)
ADR is a Lebanese NGO that was registered with the Lebanese Ministry of Interior in 1998 (Decree 59DA, April 6, 1998). ADR is neither religiously nor politically affiliated, and its operations cover the South of Lebanon. ADR's interventions are implemented under four programs: Agriculture, Micro credit, Social services and Vocational training. ADR has an experience of 8 years implementing vocational training and education activities. Initially the activities were project based, during the last few years ADR has been able to develop a comprehensive training curriculum tailored to the needs of south Lebanon. Further details on ADR activities can be found in ADR site at www.adr.org.lb.