Originally published: March 20, 2008
Source: Citi Foundation
Citi Foundation has announced a three-year US$11.2 million international grant program, in partnership with the SEEP Network to advance the integration of microfinance into the mainstream economies of developing countries. The Citi Network Strengthening Program will increase the ability of 12 major microfinance networks and their members to develop products and services that meet the needs of their clients. In addition, the program aims to enhance the industry’s infrastructure, introduce higher standards of management and governance, and promote the vital role of microfinance in providing the poor with access to financial services.
Pam Flaherty, President and CEO, Citi Foundation said, “Reaching scale and meeting client demand is currently one of the greatest challenges facing microfinance institutions. The objective of our program is to address that challenge by increasing the capacity of microfinance networks in specific geographies, helping them to expand their operations and better serve the needs of the poor.”
Following are the twelve networks participating in the Citi Network Strengthening Program. In total they represent approximately 60 countries, over 1,300 MFIs and microfinance organization members, and more than 19 million clients.
- Asia Pacific: Banking With the Poor Network, Asia Pacific; China Association for Microfinance; Microfinance Council of the Philippines; Sa-Dhan, India; and Pakistan Microfinance Network
- Africa: Association of Microfinance Institutions of Uganda
- Americas: ProDesarrollo, Mexico; Red Financiera Rural, Ecuador; and REDCAMIF, Central America
- Europe: Microfinance Centre for Central & Eastern Europe & New Independent States; Russian Microfinance Center
- Middle East: Sanabel
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