MICROCAPITAL BRIEF: Citigroup Wins 2012 Business in the Community International Award for Excellence, for Microfinance Partnership with Overseas Private Investment Corporation

Citigroup, a US-based bank, has won the International Award of the fifteenth edition of the Awards for Excellence, the corporate responsibility awards offered by the Prince of Wales’ charity Business in the Community. The awards identify companies deemed to have imparted a positive impact on the environment, the society and their own business.

Citigroup won the award for its USD 350 million partnership with the Overseas Private Investment Corporation (OPIC), a US government agency that extends financial inclusion in developing markets through microfinance. This partnership funded 29 microfinance institutions (MFIs) in 16 countries in Africa, the Middle East, Asia, Eastern Europe and Latin America. Eighty-four percent of the clients are women.

In the first quarter of 2012, Citigroup reported total assets of USD 2 billion and a net income of USD 2.9 billion. As of 2011, OPIC is active in 107 countries and reports a total portfolio of USD 14.5 million.

By Mihaela Grindeanu, Research Associate

About Citi: Citigroup (Citi) is a financial services conglomerate with headquarters in New York. Citi offers a range of products and services in approximately 140 countries including consumer and commercial banking, brokerage, asset management and institutional securities and transactions services. In the first quarter of 2012, Citigroup reported total assets of USD 2 billion and a net income of USD 2.9 billion. Citi’s philanthropic activities are carried out by the Citi Foundation. The Citi Foundation provides grants and guarantees focusing on the areas of microfinance, small and growing businesses, education, asset building and neighborhood revitalization.

About Overseas Private Investment Corporation (OPIC): The Overseas Private Investment Corporation (OPIC) is an agency of the US government that was established in 1971 as a development finance institution. OPIC works with private sector firms in the US to identify opportunities in emerging markets and create an enabling environment for private enterprise in developing countries. OPIC provides financing through direct loans as well as guarantees, political risk insurance and investment funds. As of 2011, OPIC is active in 107 countries and reports a total portfolio of USD 14.5 million.

Sources and Additional Resources:

Bitc.org.uk story, “International Award Winner 2012 – Citigroup”, http://www.bitc.org.uk/awards_for_excellence/awards_for_excellence_winners_2012/citigroup.html

MicroCapital.org story, September 23, 2009: “PRESS RELEASE: Overseas Private Investment Corporation (OPIC) Approves $250m for Citi Program Offering Local Currency Loans to Microfinance Institutions Worldwide”, https://www.microcapital.org/press-release-overseas-private-investment-corporation-opic-approves-250m-for-citi-program-offering-local-currency-loans-to-microfinance-institutions-worldwide/

MicroCapital.org story, January 25, 2012: “MICROCAPITAL BRIEF: US Government’s Overseas Private Investment Corporation (OPIC) Inks $45m Investment in Habitat for Humanity Housing Initiative, Microbuild Fund”, https://www.microcapital.org/microcapital-brief-us-governments-overseas-private-investment-corporation-opic-inks-45m-investment-in-habitat-for-humanity-housing-initiative-microbuild-fund/

MicroCapital.org story, July 15, 2011: “MICROCAPITAL BRIEF: Overseas Private Investment Corporation (OPIC) to Guarantee $500m in Loans to Microfinance Institutions (MFIs) for Lending to Small and Medium-Sized Enterprises (SMEs) in Egypt, Jordan; USAID to Fund Technical Assistance”, https://www.microcapital.org/microcapital-brief-overseas-private-investment-corporation-opic-to-guarantee-500m-in-loans-to-microfinance-institutions-mfis-for-lending-to-small-and-medium-sized-enterprises-smes-in-egypt-jo/

MicroCapital Universe Profile: Citi, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Citigroup

MicroCapital Universe Profile: Overseas Private Investment Corporation (OPIC), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Overseas+Private+Investment+Corporation+%28OPIC%29

Browse the MicroCapital Universe and add your entry to the wiki at: https://www.microcapital.org/microfinanceuniverse/

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