PRESS RELEASE: Citi Foundation, Russian Microfinance Center Launch “Plan Your Future” Financial Education Project

Source: Citigroup.

Original press release available here.

YEKATERINBURG, RUSSIA, March 3 – Citi Foundation in partnership with the Russian Microfinance Center (RMC) have partnered in support to present the seminar entitled “Plan Your Future.” The seminar will give higher economic stability and access to financial services for families of low income. This new project aims to train loan officers in efficient methods of providing financial knowledge to low-income families. The “Plan Your Future” initiative was adapted by RMC in response to current needs of low-income people to gain better understanding of financial services. The program consists of the following trainings: fund flows and financial objectives, ways and opportunities of money saving, saving tools, rational borrowing and financial plans.

The first seminar was held at the end of 2007 in Saint Petersburg. The upcoming trainings will be held in Samara, Nizhniy Novgorod and Rostov-on-Don. In the first year the project will assist 2,250 individuals.

Igor Lisitsyn, Head of the Uralsky branch of ZAO Citibank noted: “We are glad that in 2008 the program has been rolled out in Yekaterinburg. Our region has a sound economic potential for further growth. We hope that the start of the program in Yekaterinburg will lead on to other communities in Russia benefiting from this initiative.”

Mikhail Mamuta, the President of the Russian Microfinance Center, said: “We express our special thanks to Citi Foundation for the constant support of the initiatives aimed to further development of microfinance and higher financial education that has a positive economic impact to individuals in Russia.”

Victoria Kaskova, Head of Community Relations of ZAO Citibank underpinned: “This project is of crucial importance for this market, as it helps to raise the financial literacy levels of low-income people, with the end result being improvement of their living standards. In 2004, Citi announced its ten-year plans to commit about USD 200 million in support of programs on financial literacy in 100 countries all over the world. In Russia during this period Citi granted USD 1.5 million to support financial education programs conducted by Russian and international NGOs.”

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