Citi Foundation grant for uplift of microfinance

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FE Report
Citigroup, the world's largest financial services company, announced a US$570,000 Citi Foundation grant to further support the development of the microfinance sector in ten Asian countries by partnering with the Foundation for Development Cooperation and the Banking with the Poor Network.
The announcement came with the release of the Citi Asia Pacific's latest Corporate Citizenship Report 2006.
Citi Bangladesh is dedicated to building communities and entrepreneurs by supporting microfinance-related programmes, as well as helping to educate the next generation through book-reading and other youth education programmes, the report said.
Project Dignity, a new microcredit programme of Citi and Grameen Trust to help some of society's most vulnerable people has already reached more than 500 beggars. The Citi has a long-term goal, which is to assess the viability of replicating the programme in other parts of Asia.
In February 2006, Citi and Grameen Trust jointly launched Project Dignity, an expanded version of Grameen Bank's "Struggling Members" initiative. Its goal is to reach 2,500 beggars over three years and help them find more honourable livelihoods,
Through six Grameen Trust partners located across Bangladesh, Project Dignity provides beggars with interest-free microloans - with an average loan size of about US$14 - as well as life insurance policies on these loans, and training in basic literacy and financial education to help understand their loan terms and financial obligations. Members also receive assistance to set up income generating activities such as processing and manufacturing food and basic necessities, selling fruits, vegetables and clothes, or raising livestock.
Professor H.I. Latifee, Managing Director of Grameen Trust, said: "The project has been designed to enable them to develop an alternative source of income away from begging, and give them a sense of self-respect and confidence so that they can live a more dignified life."