Citigroup announces Micro Entrepreneur Award 2004

Mumbai: Citigroup India and Partners in Change have announced the first ever Micro Entrepreneur Award 2004 in India, to recognise leadership, entrepreneurial skills and best practices of individual micro entrepreneurs in India. The award is being supported by the Citigroup Foundation, USA, that has issued a grant of US$ 60,000 to Partners in Change, a non-governmental-organisation. The grant would be used towards the implementation of the award process as well as the prize money.

The aim of the award is to recognise and honour Indian micro entrepreneurs with the best performance in emerging out of poverty, creating jobs and adding value to society. The award will also analyse and disseminate select best practices derived during the award process.

Announcing the award Sanjay Nayar, Citigroup country officer — India and area head, Sri Lanka and Bangladesh said, "Our commitment to support micro finance enables us to do what we do best, that is, create opportunity for institutions and individuals by using our global reach and local expertise to expand access to financial services. Citigroup embraces micro finance for a whole range of reasons, not least because it fits our corporate philosophy of helping people help themselves but because micro finance is of proven value in the global fight against poverty."

Viraf Mehta, chief executive, Partners in Change, said, "It is our belief that equitable social development is an integral part of good business practice. By promoting partnerships between business, disadvantaged communities, development initiatives and government, we can contribute more effectively to the achievement of local development priorities within the global framework of the millenium development goals."

In the last four years the Citigroup foundation has awarded more than $11 million in grants to 145 micro finance partners in more than 50 countries. The Citigroup foundation''s grants are awarded primarily in three areas: financial education, educating the next generation, and building communities and entrepreneurs.