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		Citigroup Micro-entrepreneurship Awards 2006 Launched in Islamabad

Islamabad: Citigroup Foundation, the philanthropic arm of Citigroup and the Pakistan Poverty Alleviation Fund (PPAF) launched the Citigroup Microentrepreneurship Awards 2006 program at a press conference in Islamabad today. This program has been instituted to recognize and honor leadership, entrepreneurial skills and best practices of individual microentrepreneurs in Pakistan. A presentation on the overall growth and development of the microfinance sector in Pakistan as well as the scope and objectives of the Awards program was also made followed by a Q&A session. The goal of the awards program is to encourage and support best practices among both microentrepreneurs and microfinance institutions throughout Pakistan and to draw public and government attention to the important role that microfinance plays in promoting economic development at the local level. This year, the Citigroup Foundation is providing 100% of financial support to the Awards program, which is being conducted in 26 countries around the world.

The Microfinance sector in Pakistan services close to 9.2 billion rupees in micro-loans, 4.8 billion Rupees in captured savings, and reaches around 800,000 clients. PPAF’s Kamran Akbar noted that "The average loan maturity is under one year, and most loans – 58% – are made for business purposes. Many micro-loan recipients are start-up businesses, emphasizing the importance of our program for the development of Pakistani entrepreneurship."

A National Advisory Council chaired by former Governor of the State Bank Dr. Ishrat Husain and comprising of other well-placed and professional members including Arshad Khan Chairman Pakistan Postal Services Jugnu Mohsin, Managing Editor The Friday Times, Rayomond Kotwal, Chief of Staff, Citigroup Pakistan, Aazar Bhandara Economic Growth Advisor US Aid, Babar Aziz, Director Finance, Save the Children (US), M.R. Khan Financial Management Consultant, Seema Aziz Chairperson, CARE Foundation, Faryal Gauhar, media personality/ ex-UN Goodwill Ambassador, Ayesha Haque Lawyer and media personality, and Ayesha Muzaffar senior financial analyst IFC has been formed to oversee the program and interview finalists in the final judging round a day prior to the ceremony. Citigroup Country Officer & Managing Director Zubyr Soomro is also part of the Council and has been credited with Citibank N.A Pakistan’s enhanced focus on supporting initiatives that seek to strengthen and develop microfinance in Pakistan.

The awards will be presented in the following categories: ‘Best National Micro entrepreneur Male’, ‘Best National Micro Entrepreneur Female’, and ‘4 Best Provincial Microentrepreneurs’ with one runner up for each category. Special recognition awards will also be given to Loan officers and representatives of Micro Finance Institutions. The awards ceremony is scheduled for December 28, 2006 in Islamabad.

The Microentrepreneurship Awards program, which Citigroup implemented in partnership with the U.N. in 30 countries last year, was a resounding success. In Pakistan, more than 460 microentrepreneurs applied and 16 winners received prizes. The program’s greatest success lay in the increased global awareness of the important role that micro-entrepreneurs play in their local economies and the significance of microfinance as a tool of poverty alleviation. This year more than 800 applications are expected with the last date of submission of nominations from Micro Finance Institutions being November 15 2006.

After the launch of the awards, Dr. Ishrat Husain said, "This award program is a powerful initiative and will go a long way in creating awareness for financial mainstreaming of microcredit programs. Poverty alleviation is not an easy task and microfinance is a globally proven tool to help in poverty eradication and we are deeply committed to encouraging and recognizing its role in Pakistan's social development through this program".

PPAF’s Mr. Kamal Hyat said, "Issues relating to the poor and under privileged are central to the health of a nation’s progress. The Citigroup Awards program is a key effort in the quest for generating awareness of the significance of microfinance particularly in a country such as ours”.

In the last five years alone, the Citigroup Foundation has awarded nearly $20 million in grants to 145 microfinance 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.

The Pakistan Poverty Alleviation Fund (PPAF) represents an innovative model of public private partnership. Sponsored by the Government of Pakistan and funded by the World Bank and other leading donors the PPAF has a resource base of over US$ 633.17 millio

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