Global financial services giant Citi has announced that it will provide $1 million to three microfinance institutions working in Haiti to help restore the country's microfinance industry, which has faced severe challenges since a devastating earthquake struck the country in January.
The grants to Fonkoze, FINCA Haiti, and Sogesol will be used to help spur job creation, support livelihood preservation, and contribute to the long-term economic development of the impoverished country. In particular, the awards are expected to alleviate the MFIs' client losses while helping the organizations themselves increase and expand their outreach to local entrepreneurs and small-business owners. According to Citi, the charitable contributions should affect some thirteen thousand Haitian entrepreneurs and their families.
"We are proud to support leading local microfinance organizations such as FINCA, Sogesol, and Fonkoze to help contribute to Haiti's economic recovery and empower those most in need," said Citi CEO Vikram Pandit. "This grant reflects our work with microfinance institutions in sixty countries around the world to support small business, drive job creation, and empower individuals to become economically self-sufficient."