Global Citizenship Report 2017

CITI MICROENTREPRENEURSHIP AWARDS The Citi Microentrepreneurship Awards (CMA) has been a signature component of the Citi Foundation’s work on finan- cial inclusion for over a decade. Since 2005, the CMA has focused on providing economic empowerment opportuni- ties for microentrepreneurs in about 30 countries. To date, we have invested more than $23.5 million in microfinance networks and microfinance institutions, and provided $10.5 million in cash prizes to more than 6,000 entrepreneurs. One notable example of the impact of the CMA is in Morocco. The Moroccan government has pushed microf- inance as a valuable tool to combat poverty for over 20 years. Through the CMA, the Citi Foundation has worked with our in-country partner, the Mohammed VI Center for Microfinance and Solidarity (CMS), since 2012 to support the organization’s mission to empower microentrepreneurs throughout the country, many of whom are women in hard- to-reach areas. CMS uses the annual CMA event to provide tailored training to women in traditionally male sectors, as well as resources on business formalization and financial education. To date, the Moroccan microfinance sector has served 1 million people, nearly half of them women. Citi Microentrepreneurship Awards participant in Morocco Inclusive Economic Growth Leveraging cross-sector partnerships and innovative approaches, Citi invests in microfinance and technology solu- tions that focus on reaching underserved markets around the world. Most microfinance beneficiaries globally are women, making Citi’s work on microfinance a direct contributor to SDG 5 , in support of gender equality and empowerment for all women and girls , and in particular target 5.A , which strives for a range of gender-related objectives including giving women equal rights to economic resources . SDG SPOTLIGHT: GOAL 5 Gender Equality Citi Inclusive Finance supports businesses, clients and trans- actions that aim to expand access to products and services in low-income communities. In partnership with Citi Export and Agency Finance, for example, Citi Inclusive Finance works with the Overseas Private Investment Corporation (OPIC) to provide financing to microfinance institutions that work with clients in developing countries around the world. To date Citi has funded 49 institutions in 25 countries with nearly half a billion dollars in debt capital that has helped to catalyze the efforts of over 1.3 million microentrepreneurs. In 2017, under the Global Inclusive Finance Framework, we expanded our collaboration with OPIC to include our first non-financial institution client. In August, Citi Turkey provided a $5 million loan to I ş ık Tarım, a Turkish organic produce manufacturer. The loan will allow the company to add 1,500 additional small farmers under its community-based and sustainable agribusiness model. In the U.S., Citi has worked with microfinance provider Grameen America since 2008, providing specially designed Citi savings accounts to Grameen clients. The organization offers microloans, training and support to low-income female entrepreneurs. More than 12,000 of Grameen America’s female clients have active Citi savings accounts with total balances of more than $3.75 million. In February, Grameen America, Citi and Mastercard joined forces to develop fintech solutions that will help Grameen find new oper- ational efficiencies and improve service and digital access for its network of entrepreneurs. As part of the upgrade, national field staff will be able to enter real-time data remotely, enabling better analysis of Grameen’s impact. In addition, Grameen America will begin disbursing its loans with reloadable Mastercard cards, issued by Citi Prepaid Services, instead of checks. The switch will allow Grameen entrepreneurs — many of whom did not previously hold bank accounts — easier and safer access to funds. 104