Citi and the Jordan River Foundation (JRF), a non-profit organization based in Amman, has announced the launch of the “Aqaba Micro-business Initiative,” which will be delivered by JRF in the southern city of Aqaba during 2008.
Funded through a USD 25,000 grant by the Citi Foundation, Citi’s social investment arm, the project aims at building business skills of 20 potential women entrepreneurs in the city of Aqaba and empowering them to be able to start their own businesses and to take advantage of new investments, especially in the tourism sector.
Upon successful completion of the training, participants will be able to assess the market, decide on good business start-up strategies, determine the start-ups capital, and prepare their business plans and feasibility studies.
Furthermore, top ten feasibility studies will each be awarded JD 700 (USD 1,000) which will go towards seed money for the new micro-project. Winning studies will be evaluated and determined by a committee of independent experts.
“This is the latest initiative jointly undertaken with JRF, but definitely not the last,” says Ziyad Akrouk, Citi’s general manager in Jordan. “Citi and the Citi Foundation are proud to be associated with JRF for the development and empowerment of local communities across the Kingdom and in the fields of financial education and microfinance.”
“This program is designed to empower women entrepreneurs who wish to start small business operations in the expanding city of Aqaba by developing basic financial management skills,” says Valentina Qussisiya, JRF’s director general. “With Citi Foundation’s generous financial support, we will deliver a successful training program leading to further sustainable development in rural Jordan.”
Citi has been present in Jordan since 1974. The bank is considered a leader in the Jordanian market and a leading provider of treasury products. In its 34 year presence in the Kingdom, the bank has evolved into an active corporate citizen, with a particular interest in supporting financial and higher education, microfinance and other humanitarian needs in the country.
Citi’s association with JRF dates back to 2002. The Citi Foundation has been supporting JRF’s various training and empowerment initiatives across Jordan. Since 2006, JRF has been Citi’s partner in running the pioneering Citi Microentrepreneurship Awards Program in Jordan which recognized more than 62 microentrepreneurs in the Kingdom in 2006 and 2007.
Recently, Citi and the Citi Foundation announced a ten-year, $200 million global financial education commitment, the formation of a new Office of Financial Education and a global initiative designed to encourage its 300,000 employees around the world to devote time to support financial education and other charitable causes. Under the new initiative, employees may take a day off from work to volunteer for non-profit organizations in their communities.