Citibank Korea Having Supported Microcredit Business for 14 years
- Donated USD 100,000 to support Joyful Union’s Microcredit Business in 2013
- Helped the microcredit institution with its participation in Grameen Trust education program in 1999 and have given it advice and expense support since then
The Joyful Union that began as the first-ever microcredit financial institution in Korea has provided lending to the low income bracket and the socially marginalized to help them open their own businesses and support themselves since 1999 under the sponsorship of Citibank Korea. The microcredit provider has so far lent approximately KRW 8 billion to 450 people who mostly needed the fund. It began to provide lending to the low income people suffering from the burden of extremely high interest rate of private lending companies to support their livelihood in emergencies. It also plays a role as a comprehensive socioeconomic institution assuming the roles as a social enterprise and a municipal union by conducting related programs.
The donated fund will be used to establish business development service systems, nurture staff’s expertise, and conduct promotional activities which will altogether help enhance the repayment ratio and the sustainability of the institution.
Citi, as one of the biggest supporters of microfinance, has sponsored the program in 60 countries on the globe for the past 30 years. In Korea, Citi introduced the microcredit business by supporting Joyful Union’s participation in the education program run by Grameen Trust in 1999 and has continued the support by giving financial aid to the microcredit provider. Together with this, executives and employees of Citibank Korea have joined ‘Probono,’ talent donation activities, to offer expertise on microcredit, general advice and legal consultation about how to develop a repayment management system and how to control repayment rate.
Website: http://www.citibank.co.kr
Contact
Oh, Young-Ran
Communications Dept.
Citibank Korea
+82-2-3455-2336
This news is a press release provided by Citibank Korea Inc.. Korea Newswire follows these editorial guidelines.
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3월 28일 16:56