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Citigroup Inc. (NYSE: C)
July 24, 2007
Citi Jordan Launches Microentrepreneurship Awards
Amman – Citi the leading global financial services company has lately launched the "Citi Microentrepreneurship Awards" in the amount of $45,000 in cooperation with the Jordan River Foundation (JRF). Citi has been implementing this initiative for three consecutive years and has been cooperating with JRF for the second to form a national team to follow up on the award program.
The award was launched during the first meeting of the committee that was set to plan the implementation strategy, and place the evaluation criteria as well as go through the applications, evaluate them and announce the winners. The winners will receive a monetary award in a private ceremony that will take place in December 2007.
The award that is funded by Citi is currently being implemented in 26 countries around the world, to shed light on talented leaders and to acknowledge the importance of small business owners in supporting the national economy, as well as increase awareness and support for small business owners.
To that effect, the national team showcased the results of last year's results that emerged from a specialized committee, in addition to showing a documentary regarding the award.
One of the results was the total investment amount of over 502,000 JD's. These projects were able to offer 213 job opportunities and the monthly income generated was over 38,000 JD's.
The awards that were given to ladies amounted to 75% while the percentage awarded to men was 25%, because the applications turned in by funding entities for income generating projects by women were higher than men.
Citi's General Manager, Mr. Ziyad Akrouk said: "The partnership between Citi's charity foundation and JRF is for the benefit of all Jordanians because it unites the world wide pioneer in monetary services and the renowned developmental foundation which leads to continuous success. Our cooperation is a proof of what different Jordanian sectors are capable of doing to support underprivileged members of society."
Acting Director General of JRF stated: "We are proud that JRF was selected for the second executive year to manage this award and to be able to verify its role as a nongovernmental organization working in building the capacities of small business owners."
Mr. Akrouk pointed out the importance of the bank in supporting small businesses to increase awareness and support participants to assist them in showcasing their talents and decrease the suffering caused by poverty around the world. He mentioned the role of the committee and JRF lies in their participation through their support and expertise in this field.
He added that it is vital to mention that the small funding foundations are invited to announce the beneficiaries from their loans and to participants who have to be nominated by an entity since small business owners cannot nominate themselves directly for the award.
The award supports eight categories including manufacturing/ handicrafts/ income generating projects, service, trade, agriculture, tourism, in addition to the Award for pilot projects in poverty pocket areas, Leadership Award in projects managed by the civil society institutions, and the entrepreneur award for the start-ups.
Akrouk also mentioned that the prize is subject to a number of conditions and criteria, which state the current value of the last loan does not exceed 7,000 JD's. One exception is given to the Leadership Award in projects managed by the civil society institutions for the last loan not to exceed 10,000 JD's. The entities are also entitled to the nomination of more than one customer or client for each category of the Award and it is imperative that the candidate be a customer of the microfinance institution for a period of at least two years.
The Jordan River Foundation, founded in 1995 and Chaired by Her Majesty Queen Rania Al-Abdullah, is a non-profit, non-governmental organization (NGO) that initiates and supports sustainable social, economic and cultural programs that empower communities and individuals.
Citi has been present in Jordan since 1974. In its 33 year presence in the kingdom, the bank has evolved into an active player and a trusted banking partner in the Jordanian market, evident in the strong relationships it currently enjoys across select Jordanian corporates.
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Citi
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