[By NBC-1TV H. J Yook]Citibank Korea (CEO Ha, Yung-ku, www.citibank.co.kr) had a signing ceremony with the Microcredit Joyful Union (President Jeong, Myeong-gi, www.joyfulunion.or.kr) for ‘2013 Citibank Korea - Joyful Union Support for Microcredit Business’ in the boardroom on the 9th fl. of Citibank Korea. The signing ceremony started with the business update by the Union, and Citibank Korea delivered KRW 107 million (USD 100,000) funded by the Citi Foundation to the microcredit institution, followed by the contract signing and a photo shoot.

The Joyful Union that began as the first-ever microcredit financial institution in Korea has provided lending to the low income bracket and the socially marginalized to help them open their own businesses and support themselves since 1999 under the sponsorship of Citibank Korea. The microcredit provider has so far lent approximately KRW 8 billion to 450 people who mostly needed the fund. It began to provide lending to the low income people suffering from the burden of extremely high interest rate of private lending companies to support their livelihood in emergencies. It also plays a role as a comprehensive socioeconomic institution assuming the roles as a social enterprise and a municipal union by conducting related programs.