Citi Provides $1 Million Grants to Local Microfinance Institutions in Haiti

Microfinance Focus, May 7, 2010: Citi announced it will provide $1 million in charitable contributions to three local microfinance institutions (MFIs) in Haiti to help restore the country’s microfinance industry which has suffered severe challenges in the aftermath of the earthquake earlier this year. The funds, which will be granted to Fonkoze, FINCA Haiti and SOGESOL, will help drive job creation, support livelihood preservation and contribute to the long-term economic development of the country.

Specifically, the grants will help alleviate the MFIs’ client losses while allowing the organizations to increase and extend their outreach to local micro entrepreneurs and small business owners most affected by the earthquake. This announcement is part of the pledge Citi made to provide $2 million in charitable contributions to the relief and reconstruction efforts in Haiti. In addition and immediately following the earthquake, Citi, in partnership with the Pan American Development Foundation (PADF), approved a shipment of pre-packaged relief supplies and launched a fundraising campaign to encourage donations from employees and clients across the world.

Citi anticipates that the charitable contributions will impact at least 13,000 Haitians entrepreneurs and their families who are rebuilding their lives post-earthquake.

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