The Citi Foundation, the charitable arm of global financial services provider Citigroup, has reportedly partnered with Tung Wah Group of Hospitals, a charitable organization in Hong Kong that was established in 1870, to study whether a microfinance program would be feasible in Hong Kong. Chief Executive of Citi Foundation, Pamela Flaherty, has reportedly commented that the city is in need of microfinance services because there are “a lot of poor people and the gap is huge.” As of 2007, Hong Kong’s score of a 53.3 Gini index, a statistical calculation used to measure the distribution of income inequality in a country, is among the lowest of the world’s wealthiest countries [2]. Although a microfinance program has not yet been finalized, Citi is reportedly prepared to dedicate USD 50,000 to fund the study, which may include a set of trial loans under Tung Wah Group’s supervision.
By Diana Baide, Research Assistant
[1] Financial Times. “Citi considers microfinance service in HK” by Justine Lau, 6 October 2010
http://www.ft.com/cms/s/0/f370def6-d09b-11df-8667-00144feabdc0.html
[2] CIA World Factbook: GINI Index Country Comparison:
https://www.cia.gov/library/publications/the-world-factbook/rankorder/2172rank.html?countryName=Hong%20Kong&countryCode=hk®ionCode=eas&rank=16#hk
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