A function in Dhaka Thursday declared the opening of the ninth Citi Micro-entrepreneurship Awards (CMA) which promotes the entrepreneurship among the low-income individuals in Bangladesh.
Held at the Sonargaon Hotel, the function was attended by professor of Dhaka University Dr Wahiduddin Mahmud, former adviser to a caretaker government Rokiya Afzal Rahman, executive director of Credit Development Forum (CDF) Abdul Awal, Bangladesh Women Chamber president Selima Ahmad and Citibank NA managing director Khd Rashed Maqsood, among others.
This year awards will be given in five categories- Best Microentrepreneur of the Year, Best Microentrepreneur of the Year in Agriculture, Best Women Microentrepreneur of the Year, Best Microfinance Institution of the Year and Most Innovative Microfinance Institute of the Year.
The prize for the best microentrepreneur will be TK500,000, the best agriculture microentrepreneur TK350,000, the best women microentrepreneur TK350,000, the best microfinance institution TK350,000 and the most innovative microfinance institution TK600,000.
The CMA was launched in 2005 by the Citi Foundation, a philanthropic arm of Citigroup.
Letters will be sent to different related organisations seeking their participation and to Upazila Nirbahi Officers to make people aware of the awards and take part in the contest.
There is an advisory council which, after the evaluation of the works of the applicants, will the winners in the five categories.
The award-giving function will be held in March 2014, where the success stories of the previous winners will also be presented.
Dr Wahidudding Mahmud said: “Although we often fail to recognise the country’s microentrepreneurs, they are making the fourth largest contribution to our economy after remittance, readymade garment and agriculture.”
He lauded the increased participation of the country’s mainstream banks in the microenterprises through financing small investors.
Abdul Awal said an amount of at least TK500bn is disbursed every year now as microcredit by the banks, which do not require the borrowers to have an initial deposit with bank.
“But on the excuse of having no initial deposit, some of the banks are not giving loans to the fresh graduates desiring to be entrepreneurs, though the recovery rate of loans without deposit is 100%,” he said.
“On the other hand, the recovery rate of the loans against deposit is not more than 69%.”
He urged the authorities to take steps to remove the barrier of initial deposit.
