The Russian Microfinance Center and the Citi Foundation announced the opening of nominations for the sixth annual Citi Microentrepreneurship Awards.
Nominations will be open from 1 November until 30 December 2010. The aim is to encourage the best microentrepreneurs and the most effective organizations that offer microfinancing services across Russia, as well as to raise public and government awareness about the microfinance industry.
The global competition was first launched in 2005 to commemorate the UN’s International Year of Microcredit. Now in its sixth year, the competition held by the Citi Foundation in more then 26 countries, has become a public event respected both in Russia and internationally. “We are very pleased that every year the competition draws ever greater public attention to microentrepreneurship and microfinance in Russia, thus expanding economic opportunities for the general population and raising living standards,” remarked Zdenek Turek, President of ZAO Citibank.
Over the past five years, more than 400 nominees from most Russian regions have taken part in the competition. Among them are entrepreneurs that were able to build their own socially significant businesses with the help of microloans and microfinance organizations and experts. The success of the competition over the years has demonstrated that there are huge prospects for microfinance. “We believe that it is very important to recognize the most effective entrepreneurs since their work contributes to the development and prosperity of the country, and encourages those who are just starting their businesses,” noted Mikhail Mamuta, President of the National Partnership of Microfinance Market Stakeholders and the Russian Microfinance Center.
Every year there are nominations for Best Microntrepreneur of the Year and Best Employer in Microentrepreneurship. This year will also see the introduction of a number of new categories: Best Microfinance Organization – Stability and Development; Socially Responsible Business and Successful Start-Up.
The award ceremony will be held in February 2011 in Moscow.
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