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US Citigroup gives further microfinancing donation to help Chinese women in underdeveloped areas
2003-09-22
Xinhua
US banking giant Citigroup announced here Monday that it had furthered its microfinancing scheme to help Chinese women in the country's underdeveloped areas by donating another 1.3 million US dollars.
The group made an initial donation of 1.3 million dollars in November last year, which reportedly benefited 15,000 Chinese farmers, most of whom were women in critical financial condition.
Microfinancing, or small loans, is one of the poverty reduction measures advocated by the United Nations. It proved quite successful when first tried in Bangladesh 20 years ago.
The money would be used to give small loans to women in the underdeveloped central and western regions whose family assets were below 10,000 yuan (1209 US dollars) or annual income less than 1,000 yuan (121 US dollars), said Professor Du Xiaoshan, who is responsible for implementing the microfinancing scheme.
The money would give the women the chance to run a small business to help their family rise above poverty and achieve economic independence, Du stressed.
Richard Stanley, Citigroup China's Country Corporate officer, said he believed the microfinancing scheme was really the way to help those Chinese women prosper.
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