MICROCAPITAL STORY: Citigroup, the Foundation for Development Cooperation (FDC), and the Banking with the Poor Network (BWTP) Oversee Program to Advance Microfinance Partnerships in Indonesia

A three-day microfinance conference put on by Citigroup, a private financial services company, the Foundation for Development Cooperation (FDC), a not-for-profit international development organization, and the Banking with the Poor Network (BWTP), a not-for-profit regional microfinance network, wrapped up in Jakarta, Indonesia on September 7. This event is part of a USD 570,000 grant given by the Citi Foundation to the FDC and BWTP earlier this year with the purpose of expanding microfinance services across ten Asian countries during 2007 and 2008.

Citigroup is the largest financial services company in the world with 200 million customer accounts in over 100 countries. The company’s total income in 2006 was just over USD 21.5 billion. The same year, the Citi Foundation, Citigroup’s philanthropic branch, gave out 2700 grants– USD 92.6 million— in 86 countries and territories.

The conference began with a half-day symposium which shared industry best practices on establishing partnerships between microfinance institutions (MFIs), regulatory bodies, donors, and private corporations. The other two and a half days were devoted to a training workshop designed to teach related knowledge and skills to 35 Indonesian microfinance practitioners. A similar workshop was sponsored by Citi, the FDC, and BWTP in Colombo, Sri Lanka in May of 2007.

Continuing their regional microfinance program, the three groups will collaborate again on the second Asia Microfinance Forum in Hanoi, Vietnam August 27-29, 2008. The first forum of this kind was held in Beijing in 2006. This time around, 250 local and international delegates from both the public and private sector will attend.

By Liz Nelson, Research Assistant

Additional Resources:

Citigroup/ Citi Foundation Press Release: “Citi, FDC, and BWTP Promote Partnerships and Best Practices to Expand Microfinance Reach in Indonesia“

MicrofinanceGateway.com: “New Regional Program Promotes Partnerships To Expand Microfinance in Indonesia“

Banking with the Poor Network Newsletter, January/February 2007: http://www.bwtp.org/newsletters/BWTP_Newsletter_JanFeb2007.pdf