Citi Launches Initiative For Ngos
Citibank has launched a new initiative in community development with a focus on non-profit non-government organisations in India.
Aimed at supporting organisations working to empower underprivileged women, this program will be implemented with two NGOs: Friends of Womens World Banking (FWWB) promoted by Ahmedabad-based Sewa and the Mumbai-based Society for Promotion of Area Resource Centres (Sparc).
Both organisations extend microcredit to low income women in urban areas.
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They have successfully organised womens collectives and channelled financial resources to those womens organisations who are otherwise left out of the purview of banking.
Announcing the launch of the program in Mumbai yesterday, David Conner, chief executive officer, Citibank, India said, This initiative marks Citibanks commitment to be involved in one of the areas of national focus in India. We selected the economic empowerment of under-privileged women in urban areas.
Citibank will provide funding of over half a million dollars for the three year programme.