CITI IN JORDAN PROFILE MIDDLE EAST

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1 PROFILE Citi has been operating in Jordan since Through the Institutional Clients Group, Citi is a leading provider of corporate and investment banking services, including loans; global cash management; trade services projects and structured trade finance; loan syndications; and investment banking advisory services. Citi is credited with successfully executing several landmark deals and has won several awards for its leadership position in the region. Citi has approximately 60 employees in two branches in Amman. Citi is an active corporate citizen in Jordan, with a particular focus on financial education and microfinance, higher education, and other humanitarian missions in the country. For more information, please visit Citigroup and the Citigroup Foundation's corporate philanthropy have, over the years, played a significant role in Jordan's growth and development. Throughout this time, vital sectors of our community have benefited from many priceless forms of support financial, educational, practical and humanitarian all of which are evolving to suit Jordan's market needs. I would like to use this opportunity to record my sincere appreciation of Citibank's dedicated efforts in fortifying our country's infrastructure. - Queen Rania Al-Abdullah, in a letter to Citi s Country Officer for Jordan AWARDS AND RECOGNITIONS Best M&A House in the Middle East (2008) Best Private Bank in the Middle East (2006) Best Debt House in the Middle East (2005) Best International Market Sukuk House (2004) Best Bank at Risk Management and Treasury in the Middle East (2003) JORDAN Best Debt House in Jordan 2003 Institutional Clients Group Citi achieves the extraordinary for our clients around the world. No financial institution is more committed to advancing the goals of its clients our diverse and talented staff in more than 100 countries advises companies, governments and institutions on the best ways to realize their strategic objectives. We create solutions for and provide the broadest possible capital and market access to thousands of issuer and investor clients. And no institution better executes the increasingly complex payment and cash management solutions required in today s global economy. Sarah Abdelaziz Public Affairs Officer Prince Shaker Ben-Zeid Street Across Haya Cultural Centre Shmeisani, Amman, Jordan sarah.abdelaziz@citi.com

2 BUILDING COMMUNITIES Citi is actively engaged in communities in Jordan. From affordable housing to sustainable economic development to financial education, our network of employees and resources enables us to invest in our communities and make a real difference in individuals lives. Citi works strategically with international, national, and local non-profit organizations to develop innovative solutions to meet the needs of the underserved. COMMUNITY DEVELOPMENT As one of the world s largest financial services companies, Citi continues to provide capital in a way that is both aspirational and responsible taking a long-term view of what is in the best interests of our clients and the communities in which we live and work. Financial support from the Citi Foundation, complemented by volunteer muscle contributed by enthusiastic Citi employees, helps Habitat for Humanity in Jordan advance its objective of improving housing quality and mitigating overcrowded living conditions. In rural villages and the urban communities of Greater Amman, Habitat for Humanity creates new homes using donated and sponsor-subsidized materials and volunteer labor, including the sweat equity of the intended new homeowners themselves. Citi volunteers in Jordan participated in a Habitat build in 2007 that also was supported by a Citi Foundation grant of $30,000. Since 2006, Citi volunteers have helped Habitat for Humanity to build three houses. As one volunteer put it, I relish the opportunity to give a little back to the community. Our work with Habitat is personally fulfilling and immensely rewarding. ASSET BUILDING AND MICROFINANCE Citi provides underserved populations, including low-income individuals, with education about and access to mainstream financial products and services to encourage them to accumulate, leverage, and preserve assets. Women Economic Empowerment In Jabal Al-Naser, a disadvantaged area in eastern Amman, the Jordan River Foundation (JRF) is working to build economic capacity and sustainability. JRF s Women Economic Empowerment program, which has been supported by a grant from the Citi Foundation, aims to empower young women (ages 18-25) by equipping them with basic life skills, business awareness and self-improvement abilities. The program includes courses on basic business skills, financial management and other skills needed to start a small business. The courses are designed to build the young women s selfesteem and enhance their skills in communication, self-expression, participatory decision-making and computer use. JRF s Queen Rania Family & Child Center is located in Jabal Al-Naser. According to an October, 2004 study of the area conducted by JRF s Child Safety Program, more than 70% of young women had dropped out of school by the age of 16, and many of them having acquired no workplace skills or resources ended up helping their mothers with domestic chores and taking care of younger family members. Most married at the Citi volunteers, Habitat for Humanity staff and the new owners of a Habitat-built house erected in November The Women Economic Empowerment program is mainly designed to empower underprivileged women by developing their basic financial management skills. With the Citi Foundation s generous financial support, we will deliver a successful training program leading to further sustainable development in and around Amman. - H.E. Mrs. Maha Khatib, Former Director General, Jordan River Foundation

3 relatively young age of 19. The Women Economic Empowerment program aims to help women break out of this cycle and create opportunities for themselves and economic potential for their community. EDUCATION E-learning for Children with Cancer The King Hussein Cancer Foundation s Back to School program helps hospitalized children continue their education. The program, which is supported by a grant from the Citi Foundation, promotes e-learning by pediatric cancer patients at the King Hussein Cancer Center (KHCC) in Amman. Back to School makes use of the Internet and CD- ROMs that meet Ministry of Education guidelines to give patients at the Cancer Center, ages 5-12, a chance to resume their education while undergoing prolonged cancer treatment at KHCC. The Citi Foundation has also supported the King Hussein Cancer Foundation s "Play Through Technology" project, which was launched in February This project integrates computer technology into conventional play therapy techniques, in line with the Center s commitment to providing comprehensive cancer care to its patients. The grant funded the purchase of laptop computers and educational and recreational computer games for pediatric patients at KHCC s Bone Marrow Transplant Unit. Bringing Villages Online The Citi Foundation provided a grant to the SOS Children s Village Association of Jordan to support computer and Internet services in the SOS village of Irbid. The project is estimated to have benefited 182 young people, ages 2-21 The SOS Children's Village Association of Jordan is a local, private social development organization that was established in It cares for 345 Jordanian orphaned and abandoned children in its three villages, in Amman, Aqaba and Irbid, and at its seven youth houses in those cities. The Back to School Program reflects the center s commitment to providing comprehensive cancer care to patients by treating them as a whole focusing on their physical, emotional, social, economic, environmental and spiritual needs. The Citi Foundation s grant reflects Citi s role as a responsible corporate citizen leading the way for others to follow suit. - HRH Princess Dina Mir ed, Director General of the King Hussein Cancer Foundation MICROENTREPRENEURSHIP Microenterprise is the link to business ownership for the underserved, and a way for communities to create jobs. Citi Microentrepreneurship Awards The "Citi Microentrepreneurship Awards, offered in 26 countries around the world, are intended to shed light on talented leaders, acknowledge the importance of small business owners in supporting a national economy, and increase awareness and support for small business owners. In Jordan, the Citi-supported program has been conducted for three years and, for the past two years, was implemented in cooperation with the Jordan River Foundation (JRF), a non-profit organization based in Amman. Approximately 25 Jordanian microentrepreneurs are recognized by the program each year for their contributions to the country s socioeconomic progress and receive a monetary award. In 2007, women made up a greater proportion of applicants than men and most of the awards went to female entrepreneurs. JRF also found that the previous year s program had leveraged, through its recipient businesses, resulting in the creation of 128 job opportunities.

4 In 2007, JRF received 223 applications from 11 microcredit corporations across the country for the various award categories: industry, handicrafts, production projects, services, trade, agriculture, tourism, "poverty pocket" projects, projects managed by civil society institutions and recently established projects. The winner in the poverty pocket category was Nawal Balawneh, who had started two years before with a home-based greenhouse growing domestic plants, which she financed with only JD 750 (approximately US $1,073) in capital. Now she also grows rare plants and fruit trees, and exports saplings to the Gulf countries, generating JD 2,000 (approximately US $2,862) each month. I took a loan to expand the greenhouse, Ms. Balawneh told The Jordan Times. Now it provides jobs for five workers and helps secure a safe future for me and my family. I believe in my ability to progress, and will not stop at this point. Receiving this award has motivated me to do more. I now plan to expand my business next year by turning it into an integrated project including cattle- rearing and bee-keeping. Khuloud Abu Daker, the sole winner in the tourism category, expressed her joy at having her three children were present to see her receive the award. I am happy to set a model of success and persistence for my children. I want them to be successful in the future, Ms. Abu Daker told The Jordan Times. Ms. Abu Daker, who makes framed mosaic paintings, artifacts and medals, replicates well-known mosaic maps and paintings and sells them to tourists from her Madababased shop. I started my project two years ago after taking a course in mosaics. I started at home and developed from there. After taking a JD 4,000 (approximately US $5,725) loan, I now own a shop where I employ a woman, while four others work from home, manufacturing mosaics, Ms. Abu Daker said, and added, The project not only improved my family s financial conditions, but it also helped women whose husbands are against them going out to work. Supporting Women Entrepreneurs in Aqaba The Citi Foundation supported the 2008 launch of the Aqaba Microbusiness Initiative in cooperation with JRF. The training program is aimed at developing the business skills of 20 potential women entrepreneurs in the southern city of Aqaba, and empowering them to start their own businesses and to take advantage of new investments in that city, particularly in the tourist sector. The program teaches participants how to assess the market, choose a business strategy, determine the amount of capital needed, and prepare business plans and feasibility studies. As an added inducement, the ten best feasibility studies, as adjudged by a committee of independent experts, each will be awarded JD 1,000 (approximately US $1,431) to be used as seed money for the new micro-project. By facilitating financial management training to female entrepreneurs in rural communities around Jordan, Citibank is contributing to small scale economic revolutions throughout the Kingdom. The more of these we can start, the more our families and communities will strengthen and the more our country will benefit from an empowered and skilled workforce. Allow me to thank you for the grant Citibank gave to the Jordan River Foundation enabling their practitioners to teach vital financial skills to a- new wave of microentrepreneurs. - Queen Rania Al-Abdullah, in a letter to Citi s Country Officer for Jordan The Aqaba Microbusiness Initiative is designed to empower women entrepreneurs who wish to start small business operations in the expanding city of Aqaba by developing basic financial management skills. With the Citi Foundation s generous financial support, we will deliver a successful training program leading to further sustainable development in rural Jordan. - Valentina Qussisiya, Director General, Jordan River Foundation

5 FINANCIAL EDUCATION Knowledge is your Greatest Asset SM In 2004, Citi businesses and the Citi Foundation made an unprecedented, 10-year, $200 million commitment to support and promote financial education programs around the world. Citi established its Office of Financial Education to lead the effort. Through this initiative, Citi will touch the lives of millions of people by supporting financial education that will help them achieve their dreams. Citi helps individuals, families, and entrepreneurs learn to manage money effectively, use credit wisely, and benefit from financial services to achieve their personal and business goals. FINANCIAL EDUCATION 2007 DATA Citi Foundation Funds Citi Business Funds Lives Touched Citi Volunteers Global Middle East $25,414,950 $1,241,500 $10,058,216 $60,000 9,375,708 15,487 9, Adopting Schools for Financial Education Citi and the Citi Foundation support Injaz Jordan a member of the worldwide organization Junior Achievement (JA) which aims to help inspire and prepare Jordanian youth to enter the workforce as employees and entrepreneurs. Through Injaz s School Adoption Program, a Citi Foundation grant sponsored Citi s adoption of four schools in Amman where the JA curriculum, which focuses on workforce readiness, financial literacy and entrepreneurship, was implemented. Six classes, taught by Citi volunteers were presented at the schools and benefited approximately 180 students. In addition, Citi employees participated in a school makeover program conducted by Injaz. The volunteers painted school walls and repaired doors. The School Adoption Program enriches students through training on a number of economic and social skills, and enables the private sector to fill practical learning gaps in the educational system. - Dima Bibi, Chief Executive Officer, Injaz Foundation Executives Learning Through Play It might have been unusual to see about 24 of Jordan s most senior corporate treasury, finance and investment officers on a trading floor in Amman, excitedly bidding and keying in orders. But no real money changed hands during this exercise. It was a bourse, or stock exchange, game, part of an Introduction to Money Market and Foreign Exchange 5- day seminar sponsored by Citi. The seminar, held in March, was conducted by Mr. Fatah Adour of Citi in Kuwait and Theodore Leventis, better known globally as the Bourse Master who has been running Bourse Games for Citi staff and clients for the last 24 years in over 55 countries around Citi volunteers at the Injaz school makeover

6 the world. The seminar covered a wide range of money market and foreign exchange topics, including structure of rates, FX swaps and interbank dealing. The trading floor was abuzz with activity as teams representing fictitious banks placed foreign exchange rate bids and entered orders at brisk pace. Traders yelled on telephones and groups of people huddled in serious discussion about hedging and investment strategies. The seminar ended with a competition for best 'trading bank.' Participants received a certification of completion. The novel approach was well received by treasury, finance and investment officers of top local companies and financial institutions, said Ziyad Akrouk, Citi Country Officer in Jordan. The response to this unprecedented approach has been very encouraging. Trainees learned from the hands-on experience and developed a more insightful understanding of investment opportunity as well as risk, and how markets worked on a global scale, he added. Summer Training for University Students Eight university students participated in Citi s internship program and had the opportunity to rotate through the corporate banking, treasury and financial control department. The program is intended to provide students with an overview of the different aspects of financial institution operations, to help guide their career in that field.

7 VOLUNTEERISM Each year, thousands of volunteer service hours are spent making a difference in our local communities through projects and activities with local non-profit organizations. In Jordan, Citi employees volunteered more than 200 hours during To support and encourage employee engagement, Citi launched the Office of Global Volunteer Initiatives and its formal volunteer program in Employees receive one paid day each calendar year to volunteer for a non-profit organization of their choice. Employees volunteering 50 or more hours during a calendar year to an eligible non-profit can apply for a $500 Citi Foundation grant for the organization. On a single day every year, Citi s Global Community Day, employees join together in 100 countries to make a difference in their local communities. On Global Community Day in 2007, approximately 30 volunteers from Citi in Jordan joined more than 60,000 of their colleagues and their friends and families who participated in more than 1,000 volunteer projects in more than 600 cities around the world. The volunteer activities in Jordan included: a school makeover, coordinated by Injaz Jordan, in which doors and windows were repaired, waste bins were put in place and walls were painted at a local school a house build, dubbed Brick by Brick, with Habitat for Humanity Create a Smile Day, held in coordination with SOS Children s Village Association of Jordan, during which the volunteers visited orphans and spent quality time with them. Citi volunteers with children from SOS Children s Village Association of Jordan, on Global Community Day in November 2007

8 GIVING TO ORGANIZATIONS BY CITI BUSINESSES AND THE CITI FOUNDATION In 2007, Citi business contributions to eligible organizations totaled $58.9 million. In addition, the Citi Foundation made grants totaling more than $95 million to organizations in 87 countries, resulting in combined global giving of more than $153.9 million. The Citi Foundation is committed to enhancing economic opportunities for underserved individuals and families in the communities where we work throughout the world. Globally, the Citi Foundation targets its giving to support microfinance and microentrepreneurship, small and growing businesses, education, financial education, and the environment. In Jordan, the Citi Foundation grants to non-profit organizations totaled $210,000 in The grant awardees included: Habitat for Humanity (HFH) Injaz Jordan River Foundation (JRF) King Abdullah Fund for Development (KAFD) King Hussein Cancer Foundation (KHCF) Save Our Souls (SOS)