Citi and Citi Foundation Reach Over USD100 Million in Commitments for Covid-19 Community Relief and Economic Recovery Efforts
Citi has announced that Citi and the Citi Foundation have committed more than USD100 million to date in support of Covid-19-related community relief and economic recovery efforts globally.
This includes more than USD35 million in new funding, adding to the previously announced USD65 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 USD2 million from Citi employees through a donation matching program, the firm said in a press release.
In Hong Kong, the Citi Foundation has donated USD150,000 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 HKD150,000 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, CEO, Citi, said: “During a time of great uncertainty and economic hardship, my colleagues once again showed their generosity and compassion by contributing more than USD2 million of their own money to support Covid-19 relief efforts, which Citi matched with an additional USD2 million in donations. I couldn’t be more proud or grateful to work.”
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), USD25 million in initial proceeds from PPP has been donated to the Citi Foundation. The Citi Foundation is deploying USD15 million in unrestricted funding of up to USD500,000 per CDFI to support small businesses owned by people of colour and low- and moderate-income individuals and communities. The remaining USD10 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, non-profits 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 USD50 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:
In Asia Pacific:
- Committed USD1 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.
In North America:
- Donated USD2.5 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 USD1 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 counselling and credit building services, allowing the organisation 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 counselling services for low-income individuals, including capacity building, technology, outreach and small business assistance.
In 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.
In Europe, The 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 USD1 per USD1 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 USD4 million through its Double the Good employee donation campaign. Having exceeded the USD2 million goal in colleague donations, Citi is donating USD500,000 to each of the four organisations 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 Organisation 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.