Citi-PPAF Microentrepreneurship Awards 2007 Launched

Pakistan Poverty Alleviation Fund (PPAF) and the Citi Foundation – the philanthropic arm of the Citibank – announced launching of the Citi-PPAF Microentrepreneurship Awards Programme 2007 at a local hotel in Islamabad on Tuesday.

The objective of the Citi-PPAF Microentrepreneurship Awards Programme 2007 is to illustrate and promote the effective role that microfinance plays in poverty alleviation.  It recognizes the extraordinary contributions that individual microentrepreneurs have made to the economic sustainability of their families as well as their communities. 

Kamal Hyat, CEO/MD PPAF, while speaking on the occasion, said that the microcredit facilities will be extended to 3 million borrowers by 2010 – a target set by the Prime Minister of Pakistan. He said after the achievement of this target, Pakistan will become the leading country after Bangladesh offering microcredit facilities in the region. He said that the role of media was of immense importance to highlight the success stories of microcredit entrepreneurs. Kamran Akbar, Chief Operating Officer PPAF, also spoke on this occasion. Aziz Rehman, Head Corporate Citibank, Islamabad, and others also present at this ceremony.

 Mr. Kamal Hyat CEO/MD addressing Micro entrepreneurship Awards launch ceremony.

Awards will be presented in the categories of “Best National Micro-entrepreneur Male”, ‘Best National Micro-entrepreneur Female’ and four “Best Provincial Micro-entrepreneurs’, with one runner-up for each category. Special recognition awards will also be given to Loan Officers and representatives of Microfinance Institutions. The awards-giving ceremony is scheduled for October 2007 in Islamabad.

Applications received from microfinance institutions under the abovementioned categories will be screened by Social Enterprise Development Centre at LUMS before being passed on to members of advisory panel for final interview of candidates to decide winners and runners-up. The advisory panel includes media stalwart Mr. Arshad Zuberi, Aazar Bhandara (Economic Growth Advisor USAID), Mr. Sukhbir Singh (renowned celebrity), Syed Mubasher Ali (Programme Director, Social Enterprise Development Centre, LUMS), Mr. Babar Aziz (Deputy Director Finance & Operations, International Rescue Committee), Mr. M. R. Khan (Financial Management Consultant), Ms. Faryal Gauhar (former UN Goodwill Ambassador), Greg Chen (Chief of Party Shorebank), Yasmin Lari (President Heritage Foundation) and Ayesha Muzaffar (Senior Financial Analyst, IFC).

Citi-PPAF Microentrepreneurship Awards Program is held annually to recognize and reward leadership, entrepreneurial skills and best practices of individual microentrepreneurs at national, provincial and regional level. This program aims at creating awareness regarding the effectiveness of microfinance as a tool in fight against the poverty besides encouraging the award-winning micro-entrepreneurs.

Microentrepreneurship Awards program, which Citigroup implemented in partnership with the U.N. in 30 countries in 2004, was a resounding success.  Since 2005, awards are being organized with the collaboration of PPAF in Pakistan.