Citi-Joyful Union Hold signing ceremony to support ‘Creating a Sustainable Microcredit Model in Korea’
The first microcredit business in Korea got off the ground, as Joyful Union launched activities to eradicate poverty at the private level as a Korean subsidiary of Grameen Bank with Citi’s sponsorship in 2000, after participating in education programs of Grameen Trust in alliance with Citi Foundation in 1999. Citi has been sponsoring the ‘creating a sustainable microcredit model in Korea,’ which runs from 2007 to 2009, since its support began with the ‘International Microcredit Symposium’ hosted by Joyful Union in 2005 and ‘Overseas Study Tour’ in 2007.
‘Creating a sustainable microcredit model in Korea’ is an R&D project designed to effectively derive ideas for microcredit activities, which are recognized as effective measures to fight poverty the world over, suitable to Korea’s economic and social circumstances.
Through this project, Joyful Union plans to look into the status of the microcredit business based on various experiences and know-how amassed over the past 10 years and to make detailed assessments and research on various issues arising in the performance of its projects and to identify opportunities for improvement. In addition, the organization will continue to develop sustainable models that are feasible and easily implemented by applying and improving the research results to the actual business management environment.
To do this, Citi supports field research, analysis, case study, community consulting, researchers and field activity staff and also the project of building the regional network in order for Joyful Union to set up the system to smoothly undertake fund support projects in Korea.
Joyful Union, which helps financially-stricken individuals insulated from economic activities and being hit hardest by economic woes amid the economic recession, to become self-employed and to create income, will be given a further boost, especially
since the microcredit business is now being highlighted as an alternative governmental welfare policy.
Around 200 guests including legislators, officials from academic circles and related institutions, communities of Joyful Union and campaigners for the microcredit business and those concerned with the project are expected to participate in the ceremony.
Joyful Union
Joyful Union was established in 2000 as a Korean subsidiary of Bangladesh-based Grameen Bank . As Korea’s first microcredit institution, Joyful Union is providing unsecured small-scale loans to underprivileged individuals, who are spurned by established financial institutions, to start their own businesses to achieve their economic independence and conducting various support activities through branch managers in order to encourage them to be independent socially and psychologically as well.
Citi Foundation’s support for microfinance
Citi, one of the largest sponsoring companies for microfinance, has been supporting the business in around 60 countries over the past 28 years. The microfinance project in Korea was initiated to give aid to Asian countries suffering from economic woes stemming from the 1997 Asian Financial Crisis, including Korea, in 1998. In Korea, Joyful Union has been conducting the first poverty eradication activities at the private level in Korea since 2000 as a Korean subsidiary of Grameen Bank, after participating in education programs of Grameen Trust sponsored by Citi Foundation in 1999.
웹사이트: http://www.citibank.co.kr
연락처
Citibank Korea Communications Dept.
Soo Yeon Kim 02)3455-2336
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2010년 8월 15일 10:43
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