Citi Foundation, the charitable arm of global financial services provider Citigroup, has partnered with the Russian Microfinance Center (RMC), a professional association that supports microfinance operators in Russia, to facilitate business development for start-up entrepreneurs in Russia. The staff of microfinance organizations in five regions of the country will receive training on strategies for assisting emerging entrepreneurs with their financial management. Nine hundred prospective entrepreneurs are expected to benefit from the project in addition to receiving state subsidies or loans from microfinance organizations. The project is set to be completed by the end of 2011.
By: Jacqueline Foelster, Research Associate
About 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. Citi Foundation has total assets of USD 65.8 million, USD 12.3 million of which is allocated to 152 total active investments as of 2009. The foundation is affiliated with international financial services corporation Citi.
About Russian Microfinance Center (RMC): Established in July 2002, the Russian Microfinance Center (RMC) is a trade association that advocates on behalf of the microfinance community. In addition, RMC serves as a resource center for Russia’s microfinance industry and a national forum for its interaction with government and investors. The goals of RMC are to promote an enabling legal environment for microfinance, to promote national microfinance standards and to offer training and professional consulting services to microfinance institutions (MFIs).
Sources and Resources:
[1] Victoria Chelsea. “Citi Foundation and Russian Microfinance Center Promote Entrepreneurship in Russia”, http://www.vadvert.co.uk/business/6726-citi-foundation-and-russian-microfinance-center-promote-entrepreneurship-in-russia.html
MicroCapital’s Microfinance Universe Profile: Citi Foundation, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Citi+Foundation
MicroCapital’s Microfinance Universe Profile: Russian Microfinance Center, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Russian+Microfinance+Center+%28RMC%29
MicroCapital.org Article, January 31, 2011: Citi Foundation, Pakistan Microfinance Network Launch Flood relief Efforts for Microfinance Industry in Pakistan, https://www.microcapital.org/microcapital-brief-citi-foundation-pakistan-microfinance-network-launch-flood-relief-efforts-for-microfinance-industry-in-pakistan/
MicroCapital.org Article, December 6, 2010: Russian Microfinance Center (RMC) and Citi Foundation Open Nominations for Sixth Annual Citi Microentrepreneurship Awards, https://www.microcapital.org/microcapital-brief-russian-microfinance-center-rmc-and-citi-foundation-open-nominations-for-sixth-annual-citi-microentrepreneurship-awards/
Browse the MicroCapital Universe and add your entry to the wiki at: https://www.microcapital.org/microfinanceuniverse/
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