Micro Start Programme provides small, short-term loans to low income individuals including women, while at the same time, create a system of sustainable credit delivery.
The Micro Start Program has 3 main objectives:
1. Improving living standard of low income families
2. Increasing the number of beneficiaries especially women
3. Strengthening microfinance institutions to assist entrepreneurs.
Mayank Malik, Citi General Manager in Bahrain, said:
"Citi aims to support and develop the microfinance sector in the region through a combination of community initiatives and by working with the best organizations in the field. Through its extensive presence in Bahrain and proven training record, Children and Mother Welfare Society is best suited to partner with Citi towards the advancement of this worthy cause."
Shaikha Maryam bint Hammadl Khalifa -Micro Start Project Manager said: "Micro Start Programme will strengthen microfinance institutions in their endeavour to assist entrepreneurs and I believe that our programme will help young individuals and women set up their own business. Citibank has continuously supported our various initiatives and I greatly appreciate their valuable support."
Shaikha Aysha bint Hamad Al Khalifa, Financial Controller of Micro Start Programme, said: "By providing the much needed help to low income families will help alleviate some of the unemployment issues among young people and get them to become entrepreneurs. Citi's contribution to our program will indeed play a major role in its success."
Citi has been in the Arab World for nearly 50 years and continues to view the region as critical to its global franchise. It is currently present in ten Arab countries including Egypt, UAE, Lebanon, Jordan, Tunisia, Morocco, Algeria, Bahrain, Qatar and Kuwait.
Citi Foundation's approach to microfinance is to expand outreach to millions more low-income borrowers by increasing the capacity of MFIs and mobilizing capital; Thefore to build and preserve borrowers' assets via savings, housing finance, remittances, insurance and financial education.
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Posted by Anne-Birte Stensgaard, Senior News Editor
