The Citi-PPAF Microentrepreneurship Awards (CMA) ceremony was held at a local hotel. Ahsan Iqbal, Federal Minister for Planning and Development and Citi Country Officer Nadeem Lodhi led the ceremony where twenty microentrepreneurs were awarded. This prestigious global recognition programme, founded by Citi Foundation and administered in Pakistan by PPAF, honours the hard-working entrepreneurs who rely on their own ingenuity, passion and vision to provide for their families.
The awards put a spotlight on micro-businesses that are using innovative financing tools and services to create jobs and boost opportunities for people living and working in low-income communities across the nation. "The success of the eighth Citi-PPAF Microentrepreneur-ship Awards tells us that we are on the right path. Microfinance is a sustainable strategy for improving lives and promoting growth. Citi has contributed in many ways to building our past, and we hope to build a better future for the country by promoting microfinance and microenterprise development. We hope to take this programme to greater heights in years to come," said Nadeem Lodhi CCO and MD Citibank N.A. Pakistan.
The programme has become known for its success in increasing awareness for microfinance and providing incentives to microentrepreneurs. This year, a record breaking number of nominations were received from various microfinance institutions. The winners were decided after a two day session with the nominees and a thorough assessment of their business model and its impact on their communities.
CMA programme traces its roots in the Philippines, where it was introduced in 2002. Since then, it has been introduced in 27 other countries, and here in Pakistan has recognised more than 160 individuals over the past eight years. Citi foundation has so far invested more than USD 635,000 in this programme in Pakistan.-PR
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