Citi Foundation launches micro entrepreneurship awards

Citi Foundation, the philanthropic arm of Citigroup, yesterday launched the Citi Micro Entrepreneurship Awards for 2009. The awards are to recognise entrepreneurial skills and best practices of individual micro entrepreneurs in Bangladesh. This year awards will be given in four categories, mainly to the microcredit borrowers who have shown outstanding talent for coming out of poverty. One award will also go to the best micro-finance institution (MFI). Each winner will get Tk 3 ,50 ,000 as prize money. The categories are: best micro-entrepreneur in agriculture, best woman micro-entrepreneur, best micro-entrepreneur and best micro-finance institution. "We are advancing on economic and social fronts gradually, despite various obstacles. And micro- credit has a contribution to progress," said Wahiduddin Mahmud, chairperson of the Advisory Council for Citi Micro Entrepreneurship Awards 2009. Mahmud, also chairman of umbrella body for micro credit -- Palli Karma Sahayak Foundation ( PKSF), was speaking at a press conference to announce the competition, being launched for the fifth consecutive year since 2005. Mahmud, also professor of economics at the University of Dhaka, said micro-credit is expanding in Bangladesh in various forms, which in turn helps cater to the financial needs of low and mid-income people and medium-size firms. He said farmers are receiving micro-credit to increase crop production. "It is encouraging," he said. Citibank NA, Bangladesh and a local NGO Shakti Foundation for Disadvantaged Women will manage the awards jointly. The Daily Star, Bangla daily The Prothom Alo and Channel i are partners for the programme. "We aim to introduce the best micro entrepreneurs to the nation. We want to award the winners in March next year," said Mamun Rashid, country officer of Citibank NA, Bangladesh. Dr Siddiqur Rahman Chowdury, the award advisory council member, Abu Ahmed, professor of economics at University of Dhaka, Mustak Hassan Md Iftekhar, director general of NGO Affairs Bureau, and Dr Humaira Islam, founder executive director of Shakti Foundation for Disadvantaged Women, were also present.