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Citigroup, UNCDF give GMA2005

Staff Correspondent
Three micro entrepreneurs and a micro credit-providing organisation yesterday received the Global Microentrcprcncurship Award (GMA) 2005 for their success in microentrepreneurship.
Citigroup Foundation in collaboration with tlte United Nations Capital Development Fund (UNCDF) gave the awards in four categories.
Finance and Planning Minister M Saifur Rahman handed over the awards to the recipients at a city hotel.
Thengamata Mohila Sabuj Sangha ( i MSS) received award as the best microfinance institution of the year for its immense contribution to self-employment of thousands of destitute women across the country.
Jhorna Begum of Faridpur, a manufacturer of rope from waste jute, received the best woman small entrepreneur award while Rabeya Khatun of Gazipur, a towel manufacturer, got the best small entrepreneur award and vegetable trader Shamima Khatun of Satkhira received the best innovative entrepreneur award.
Economist Prof Wahiduddin Mahmud and Palli Karma Sohayak Foundation (PKSF) Managing Director Fakruddin Ahmed announced the names of the four winners from among 465 competitors.
The four categories for the GMA programme in Bangladesh are -- Best Microfinance Institution (MFI) of the Year, Most Innovative Business of the Year, Best Woman
Microentrepreneur of the Year and Best Microentrepreneur of the Year.
A screening committee shortlisted the applicants and selected five finalists for each category. An advisory council then assessed the potential of each applicant and finally nominated the winners.
Speaking on the occasion, M Saifur Rahman urged the lenders to start medium scale lending instead of microcredit.
Criticising the giant NGOs, he said high interest rate hindered people's innovative capacity in establishing successful enterprises.
Big NGOs like Grameen, Brac and Asa were 'creating loan pyramids' through back-to-back lending to the poor, giving them one loan after another in a cycle.
He called upon the NGOs to explore small and medium enterprise areas to generate more employment.
Wahiduddin Mahmud said the success of micro credit recovery rate shows it is time to start big financing.
Micro credit is not only building safety-net among the poor but is also helping more and more diversified production, he added.
Fakhruddin Ahmed, who chaired the GMA advisory council, said microcredit is now contributing to creation of huge employment as well as forming fixed capital from working capital earlier.
Citigroup Global Market Asia Ltd Managing Director Jeremy Amias and Citigroup Bangladesh Country Officer Mamun Rashid also spoke at the function.
Mamun Rashid said microcredit remains the strength of the rural economy.
The award was launched by Citigroup Foundation, philanthropic arm of Citigroup, and the UNCDF in Bangladesh in June this year.
The year 2005 has been declared as the International Year of Microcredit (IYM) for building financial sectors to achieve the Millennium Development Goals.