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Citi partners with Pakistan Microfinance Network to fund study on impact of microfinance in Pakistan

Karachi: Citi has partnered with the Pakistan Microfinance Network (PMN) to launch a comprehensive social impact study of microfinance in Pakistan at a nation-wide level. This initiative is based on a US$60,000 grant by the Citi Foundation, said a press release issued Monday.

As part of this partnership, research will be conducted to assess the various ways in which the microfinance sector has had an impact on our communities at a social level, generate best practices and share lessons learnt.

‘The Pakistan Microfinance is a long-standing partner for Citi on the microfinance front. This pioneering social impact study with PMN is particularly significant as it reiterates Citi’s commitment to developing intellectual capacity in the microfinance space in Pakistan,’ said Citi Country Officer and Managing Director, Arif Usmani. ‘As we celebrate 50 years in Pakistan this year, we also mark the completion of the 3 year Citi Network Strengthening Programme (CNSP) (2007-2010), in conjunction with SEEP and PMN, based on a US$650,000 grant by the Citi Foundation.’

‘Citi and the Citi Foundation’s support to PMN has been very valuable in enabling us to influence policy making in the microfinance industry in Pakistan. With this social impact study, we hope to be able to unravel the impact of microfinance (not just micro credit) as well as better understanding what has worked and what has not. We congratulate Citi on 50 years of commitment to responsible finance in Pakistan,’ said Syed Mohsin Ahmed, CEO of PMN.