OREANDA-NEWS. July 20, 2007. The Citi Foundation and the Russian Microfinance Center (RMC) announced the call for bids in the Third Annual Russian Microentrepreneurship Awards in association with the Citi Microentrepreneurship Awards program.

This competition is aimed at highlighting achievements of the most successful micro-entrepreneurs and the most effective microfinance programmes throughout Russia, and at drawing the attention of the public and state authorities to the sphere of microfinance.

According to RMC estimations, microfinance services market in Russia grew fourfold over 2004-2006 and currently totals over $900 million in microloans, $500 million in captured savings and reaches around 500,000 customers. The success of 2005 and 2006 years' programs in Russia showed that microfinance has tremendous growth potential here.

In 2007, Citi has considerably increased financing of the competition that makes it possible to award winners in four major nominations with RUR 100,000 Platinum award and also to prize winners in other nominations. Prize fund will total RUR 906,500, more than twice as large as in 2006.

In addition to traditional categories, such as "Best Employer" and "Best Individual Entrepreneur" in the sphere of microfinance, winners will be also awarded in the following nominations: "For the great social contribution to progress of entrepreneurship", "Best business woman of Russia in microfinance - 2007" and "For the contribution to progress of microfinance sector in Russia".

The organizers of the 2007 Award are the National Partnership of Microfinance Market Stakeholders (NAUMIR), the Russian Microfinance Center (RMC), the Russian Chamber of Commerce and Industry (RF CCI), the U.S. Russia Center for Entrepreneurship (CFE) with financial support of Citi Foundation. Expert Council on microentrepreneurship and microfinance lending under the Ministry for Economic Development and Trade of the Russian Federation will render informational support to the competition. The Council of Federation of the Federal Assembly of the Russian Federation and the State Duma of the Federal Assembly of the Russian Federation support the organization of the program.

To ensure broader participation of microfinance organizations, the Interregional Association "Sibirskoe Soglashenie" is commissioned for the first time to hold a regional stage of the competition in Sibirian Federal District.

Applications will be accepted between 26 June and 1 October 2007. The Award Ceremony will be held on November 15, 2007 in Moscow during the Sixth National Conference on Microfinance.

For details of the Award and participation please visit RMC website at www.rmcenter.ru.