The US-based financial giant Citigroup announced Tuesday that it will donate 1.5 million US dollars to China's small-sum loan projects to help the alleviate poverty.

The donation will be managed by a small-sum loan training center with The Chinese Academy of Social Sciences (CASS) Institute. The center plans to invite experts from home and abroad to establish training programs for more than 1000 managing staff in the next five years, said Du Xiaoshan, a leading professor with the training center.

The local staff would have chance to receive education on small-sum loan project development, market sales, risk management, internal control and financial analysis, Du added.

Bai Chengyu, an official with China's Ministry of Commerce, said that Chinese small-sum loan projects achieved positive results since the scheme was first introduced ten years ago. It is now facing challenges of policy restriction, structural malfunction and fund shortage to realize sustainable development.

He called for establishing an industrial association to tackle the challenges in 2005, the small-sum loan year of the United Nations, as soon as possible.

Catherine Weir, Citigroup's Country officer for China, said that Citigroup supports small-sum loan projects because the company believes it will be a chance to use the group's expertise, work together with its local partner to lift people out of poverty, increase the standard of living for their families and create more sustainable communities and stronger local economies.

Citigroup has supported small-sum loan projects around the world for more than 25 years, and it awarded 2.6 million US dollars to Chinese women living in China's underdeveloped regions in 2002 and 2003.

Source: Xinhua