OREANDA-NEWS. April 18, 2014. The results are in for the Citi Foundation Russian Microfinance Awards. The chief aim of the award is to reward microentrepreneurs who truly excel in their businesses and the most effective organizations engaged in microfinancing.

In total 162 submissions were received from microentrepreneurs and microfinance organizations. The awards ceremony was held at the Russian Chamber of Commerce and Industry with representatives of key state regulatory bodies, public figures, experts and entrepreneurs taking part in the event.

The top prize is a monetary award for business development in the amount of 130,000 rubles. The winners of nominations for separate sectors also receive monetary prizes. “Best Entrepreneur 2013” Alexander Prodan runs his own agricultural business, which produces fruits and berries as well as seedlings of raspberries, currants and strawberries. The entrepreneur engages in selective plant breeding and the cultivation of varieties which are new to Central Russia, for example, garden variety blueberries. He has also begun processing his products. The entrepreneur plans to create a multifunctional farming business encompassing the complete production cycle, from the production of plants for cultivation to the production of ecologically clean produce and its subsequent distribution via a retail chain.

More information about the winners can be found on the website of the Russian Microfinance Center.

“The development of entrepreneurship and microfinance is one of the core focus areas for the Citi Foundation, all of which are aimed at improving the quality of life for low income people, job creation and ensuring sustainable regional development. This competition was launched as a part of the UN’s Year of Microfinance in 2005, and it is being held in Russia for the 9th year as well as in more than 30 other countries. In Russia more than 1100 entrepreneurs have taken part, and their businesses often have enormous social significance, particularly in the remote corners of the country,” says Nataly Nikolaeva, acting President of Citi Russia.

The decision on awarding the prize was made by an independent jury, which this year again was comprised of experts in entrepreneurship development.

“The competition continues to make a significant contribution to the development of microfinance and small business in Russia,” noted Mikhail Mamuta, Head of the Chief Directorate of the Microfinance Market and Financial Inclusion Methodology of the Central Bank of Russia and Chairman of the Board of Trustees of the National Partnership of Microfinance Market Stakeholders. “It is particularly pleasing that this time the competition accepted the largest number of submissions from microentrepreneurs in its entire nine-year history. According to the RMC, in 2013 the loan portfolio of microfinance organizations for small business increased by 30% in comparison to the previous year, which speaks to the great significance and need for microfinance institutions for entrepreneurs.”

As previously, the organizers of this year’s competition were the National Partnership of Microfinance Market Stakeholders (NAMMS) and the Russian Microfinance Center with support from the Citi Foundation.

The competition was supported by the Russian Ministry of Finance, the Russian Ministry of Economic Development, the Russian Chamber of Commerce and Industry and the Russian Organization for Small and Medium Entrepreneurship OPORA RUSSIA.

Participants of the awards ceremony included:

Mikhail Mamuta, Head of the Chief Directorate of the Microfinance Market and Financial Inclusion Methodology of the Central Bank of Russia, Chairman of the Board of Trustees of the National Partnership of Microfinance Market Stakeholders (NAMMS);

Nataly Nikolaeva, Vice President of Citibank, acting President;

Natalia Larionova, Director of a Department for small and medium entrepreneurship and competition development in the Ministry of Economic Development of Russia;

Viktor Klimov, State Duma Deputy, Deputy Chairman of the State Duma Committee on Economic Policy, Innovation Development and Entrepreneurship;

Viktor Yermakov, General Director of the Russian Agency for Small and Medium-Sized Business Support;

Nelly Uvarova, Actress, Founder of the social project “Naive? Very.”

And some other distinguished

Furthermore, awards were also presented in the nominations for Best Credit Expert 2013, Women’s Initiative in Entrepreneurship, Successful Startup, Social Significant Business, and Best Environmental Initiative and Environmental Project.

The Russian Microfinance Center (RMC) was founded in July 2002 as a response to the clear need of the sector for an organization that would represent the interests of the entire microfinance community. RMC works as a resource center for the microfinance sector as well as a national forum for interaction with the government, community and investors. RMC facilitates the development of a favorable legal framework, provides professional education and consulting services to microfinance organizations and promotes the introduction of national standards for microfinance operations.

The Citi Foundation is committed to the economic empowerment and financial inclusion of individuals and families, particularly those in need, in the communities where we work so that they can improve their standard of living. Globally, the Citi Foundation targets its strategic giving to priority focus areas: Microfinance, Enterprise Development, Youth Education and Livelihoods, and Financial Capability and Asset Building. The Citi Foundation works with its partners in Microfinance and Enterprise Development to support environmental programs and innovations. Additional information can be found at www.citifoundation.com.

ZAO Citibank was one of the first banks with foreign capital to enter the Russian market back in 1992. Today, Citibank is one of the country’s largest banks, which offers corporate and private clients a wide range of products and services. To date, the bank has over 4,000 employees, and its retail network includes over 550 ATMs, branches and representative offices in major cities of Russia, Kazakhstan and Ukraine. For more information on Citibank Russia please visit www.citibank.ru.

Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.