Mexico City, Mexico, October 27th, 2021. The International Finance Corporation (IFC), a member of the World Bank Group, signed a cooperation agreement to advise Citibanamex in strengthening its strategy to focus on gender and promote the Mujer Emprendedora (Women Entrepreneur) program.
The project between IFC and Citibanamex will consist of three phases: one, exploration, performance evaluation and business case; two, capacity building; and three, design and implementation of the pilot. The three phases will be composed of activities, deliverables and results such as the analysis of the Citibanamex portfolio by gender, the application of a performance evaluation methodology (KPIs), virtual workshops on gender intelligence for senior management, middle managers and staff, as well as strengthened capacities and skills to continue the implementation and of the Mujer Emprendedora program.
"We are the first bank in Mexico with an alliance of this kind, whose ultimate goal is to reduce the gender gap in the business sector and promote Women entrepreneurs. The advice that IFC will provide will allow us to strengthen our gender strategy by integrating this approach into the bank's business model by consolidating the value offer of our Mujer Emprendedora program," commented Manuel Romo, CEO of Citibanamex.
Wiebke Schloemer, IFC Acting Regional Vice President for Europe and Latin America and the Caribbean, said: "This effort with Citibanamex is the first alliance in Mexico of the Banking on Women initiative, a gender financing program launched by IFC in 2010. The alliance represents a space to promote gender equality and an excellent business opportunity for Citibanamex to position itself with a differentiated value proposition for women entrepreneurs, whose credit needs are estimated at $6.5 billion dollars. We are delighted to be working with Citibanamex and helping to demonstrate that investing in gender issues is highly profitable, both in the Mexican market and on a global scale."
Mujer Emprendedora is the Citibanamex program designed exclusively for women, which provides them with benefits and preferential conditions that make it easier for them to manage and grow their businesses, with assistance and a support technician specialized in Small and Medium Enterprises (SMES) that offers personalized attention. The objective is to reduce the gender gap in the business sector and promote Mexican entrepreneurs.
IFC—a member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2021, IFC committed a record $31.5 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of the COVID-19 pandemic. For more information, visit www.ifc.org.
About Banking on Women
The Banking on Women program (Banca Mujer), launched in 2010, provides financing and technical advice to financial institutions in emerging markets that want to strengthen and expand their ties with female clients and entrepreneurs. IFC's goal is to help these institutions do good business and expand access to financial services for women and entrepreneurs. To date, Banking on Women has a committed global portfolio of US$3.05 billion with 104 financial institutions in 44 countries and 58 advisory projects in 34 countries around the world. Of these figures, Latin America and the Caribbean represents $ 1.17 billion with 22 investment projects and 13 advisory projects.
About Grupo Financiero Citibanamex
Grupo Financiero Citibanamex, S.A. de C.V. (Grupo Financiero Citibanamex) is the leading financial group in Mexico. Following a universal banking strategy, the Group offers a variety of financial services to corporations and individuals, including commercial and investment banking, insurance and investment management. Its subsidiaries include Banco Nacional de México, S.A., founded in 1884, which has an extensive distribution network of 1,234 branches, 9,182 ATMs and more than 30,575 correspondents located throughout the country.
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