Citi and Citi Foundation Reach Over US$100 Million in Commitments for COVID-19 Community Relief and Economic Recovery Efforts | Digital Conqueror

Citi and Citi Foundation Reach Over US$100 Million in Commitments for COVID-19 Community Relief and Economic Recovery Efforts

  • New Efforts Support Communities
    of Color That Have Been Disproportionally 
    Impacted by the Pandemic
  • Citi Foundation Donates US$25
    Million to Support Community Development Financial Institutions in the U.S.
    from Citi’s Contribution of Initial Proceeds from 
    Paycheck Protection Program (PPP)
  • Citi Employee Donation Campaign
    Raises Over US$4 Million for Global Relief Efforts 

HONG
KONG, CHINA – Media OutReach – 2 July 2020
– Citigroup Inc. (NYSE: C) – Citi
today announced that Citi and the Citi Foundation have committed more than US$100
million to date in support of COVID-19-related community relief and economic
recovery efforts globally. This includes more than $35 million in new funding, adding
to the previously announced US$65 million in
grants and charitable contributions to deliver ongoing relief and support for
longer-term economic recovery in communities impacted by the global pandemic. These
contributions include US$2 million from Citi employees through a donation
matching program.

 

In Hong Kong, the Citi
Foundation has donated US$150,000 (around HK$1.17 million) to Feeding Hong Kong
for the provision of key food staples to vulnerable households. Citi Hong Kong
also donated over 370,000 facemasks to Feeding Hong Kong, Tung Wah Group of
Hospitals, the Hong Kong Unison and the government’s Social Welfare Department
for distribution to people in need at a time when there has been a shortage of
epidemic prevention supplies. Also, a cash donation of HK$150,000 has been made
to the Community Chest’s Rainbow Fund, which helps individuals and families to
overcome their immediate financial difficulties during this most uncertain time.

 

Michael
Corbat, Citi CEO, said, “During
a time of great uncertainty and economic hardship, my colleagues once again
showed their generosity and compassion by contributing more than US$2 million
of their own money to support COVID-19 relief efforts, which Citi matched with
an additional US$2 million in donations. I couldn’t be more proud or grateful
to work with people who put such a high value on supporting their communities
and those in need.”

 

Furthering
plans announced in April to donate net profits from Citi’s participation in the U.S. Small Business Administration’s
Paycheck Protection Program (PPP), US$25 million in initial proceeds from PPP has
been donated to the Citi Foundation. The Citi Foundation is deploying US$15 million
in unrestricted funding of up to US$500,000 per CDFI to support small
businesses owned by people of color and low- and moderate-income individuals
and communities. The remaining US$10 million in PPP net profits was deployed by
the Citi Foundation to the Local Initiatives Support Corporation (LISC) to
support the New York Forward Loan Fund,
which is enabling CDFIs making loans to
small businesses, nonprofits and small landlords for working capital, including
payroll, operating and emergency maintenance.

These philanthropic efforts complement Citi’s partnership
with the National Banking Association, and the creation of a purchasing facility to assume up to $50 million in Small Business Administration
Paycheck Protection Program loans from Minority Depository Institutions (MDIs).
 

 

Additional
immediate relief and investments in longer-term solutions to the COVID-19
pandemic around the world include:

 

Asia Pacific

  • Committed
    US$1 million of trading revenue to United Nations Development Programme through
    an employee-led initiative to support vulnerable communities across the region,
    including low-income families and migrant workers
  • Contributed
    funds to The Edge COVID-19 Pandemic Funds in Malaysia to purchase and
    distribute personal protective equipment (PPE) and ventilators to hospitals, as
    well as provide financial assistance to healthcare workers
  • Contributed
    funds to Rotary Club in Sri Lanka to provide medical support such as lab
    equipment, test kits and PPE

North America

  • Donated US$2.5 million
    to support World Central Kitchen’s #ChefsForAmerica relief effort, specifically
    funding 250,000 meals to those in need across the U.S. and also helping the
    restaurant industry and small businesses keep their doors open 
  • Providing US$1 million to Credit Builders Alliance and its members
    to offer Housing Stability Loans in NYC, Long Island, Westchester, Miami and
    Chicago; loans will help unemployed or underemployed workers avoid eviction or
    foreclosure, and maintain credit scores
  • Donated funds to provide
    5,000 free annual Citi Bike memberships to eligible critical workers in New
    York City
  • Provided
    funding to IMPACCT Brooklyn to help their clients apply for assistance from
    government programs, increase their standard of living, secure small business
    assistance and preserve homeownership
  • Provided funding to Working Credit
    in Chicago to help scale their digital services such as employer-based
    financial counseling and credit building services, allowing the organization to
    serve more people across a broader range of industries and geographies
  • Contributed funds to the San
    Francisco Children’s Council to launch the Emergency Child Care program for
    children of healthcare and emergency service workers
  • Pledged contributions to
    HomeFree-USA to help deliver housing counseling services for low-income individuals,
    including capacity building, technology, outreach and small business assistance

Latin America

  • Committed charitable contributions to Comité de Ayuda a Desastres
    y Emergencias Nacionales in Mexico to provide protective medical equipment for
    healthcare workers
  • Committed funds to Children International in Ecuador to provide
    food provisions for 1,300 young people and their families
  • Pledged contributions to Am Cham in Paraguay to provide over
    60,000 meal kits to vulnerable families, as well as 600 sanitation kits to help
    combat the spread of COVID-19

Europe, Middle East and
Africa

  • Pledged
    contributions to South Africa’s Solidarity Fund to contribute to the national
    response, including programs focused on economic recovery and financial
    stability, medical support including COVID-19 screening and testing, and food
    provisions for low-income families
  • Committed
    funding to Felix Project in the UK and Banco Alimentare della Lombardia in
    Italy as part of a campaign through which the EMEA Rates business donated $1
    per $1 million traded; funds are providing meals for impacted families in
    London and Lombardy, as well as support for frontline healthcare workers
  • Contributed
    funds to UNICEF Kazakhstan to support access to virtual learning opportunities
    for vulnerable students

Through
the generosity and engagement of colleagues around the world, Citi raised over US$4
million through its Double the Good employee donation
campaign. Having exceeded the US$2 million goal in colleague donations, Citi is
donating US$500,000 to each of the four organizations selected by Citi’s
regions to address unique challenges: United Nations Development Programme
(Asia Pacific), International Rescue Committee (Europe, Middle East and
Africa), the International Organization for Migration (Latin America) and
Direct Relief (North America).

 

In
addition, Citi continues to take proactive measures to preserve the well-being
of employees globally. Citi is also offering assistance
to impacted customers through credit card payment deferrals, fee waivers,
hardship programs, and additional small business support.

News Source: MediaOutreach

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