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

July, 02/2020 - 04:38
Citi and Citi Foundation Reach Over US$100 Million in Commitments for COVID-19 Community Relief and Economic Recovery Efforts

  • New Efforts Support Communitiesof Color That Have Been Disproportionally Impacted by the Pandemic
  • Citi Foundation Donates US$25Million 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 CampaignRaises Over US$4 Million for Global Relief Efforts 


HONGKONG, CHINA - Media OutReach - 2 July 2020- Citigroup Inc. (NYSE: C) - Cititoday announced that Citi and the Citi Foundation have committed more than US$100million to date in support of COVID-19-related community relief and economicrecovery efforts globally. This includes more than $35 million in new funding, addingto the previously announced US$65 million ingrants and charitable contributions to deliver ongoing relief and support forlonger-term economic recovery in communities impacted by the global pandemic. Thesecontributions include US$2 million from Citi employees through a donationmatching program.

 

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

 

MichaelCorbat, Citi CEO, said, "Duringa time of great uncertainty and economic hardship, my colleagues once againshowed their generosity and compassion by contributing more than US$2 millionof their own money to support COVID-19 relief efforts, which Citi matched withan additional US$2 million in donations. I couldn't be more proud or gratefulto work with people who put such a high value on supporting their communitiesand those in need."

 

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


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

 

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

 

Asia Pacific

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


North America

  • Donated US$2.5 millionto support World Central Kitchen's #ChefsForAmerica relief effort, specificallyfunding 250,000 meals to those in need across the U.S. and also helping therestaurant industry and small businesses keep their doors open 
  • Providing US$1 million to Credit Builders Alliance and its membersto offer Housing Stability Loans in NYC, Long Island, Westchester, Miami andChicago; loans will help unemployed or underemployed workers avoid eviction orforeclosure, and maintain credit scores
  • Donated funds to provide5,000 free annual Citi Bike memberships to eligible critical workers in NewYork City
  • Providedfunding to IMPACCT Brooklyn to help their clients apply for assistance fromgovernment programs, increase their standard of living, secure small businessassistance and preserve homeownership
  • Provided funding to Working Creditin Chicago to help scale their digital services such as employer-basedfinancial counseling and credit building services, allowing the organization toserve more people across a broader range of industries and geographies
  • Contributed funds to the SanFrancisco Children's Council to launch the Emergency Child Care program forchildren of healthcare and emergency service workers
  • Pledged contributions toHomeFree-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 Desastresy Emergencias Nacionales in Mexico to provide protective medical equipment forhealthcare workers
  • Committed funds to Children International in Ecuador to providefood provisions for 1,300 young people and their families
  • Pledged contributions to Am Cham in Paraguay to provide over60,000 meal kits to vulnerable families, as well as 600 sanitation kits to helpcombat the spread of COVID-19


Europe, Middle East andAfrica

  • Pledgedcontributions to South Africa's Solidarity Fund to contribute to the nationalresponse, including programs focused on economic recovery and financialstability, medical support including COVID-19 screening and testing, and foodprovisions for low-income families
  • Committedfunding to Felix Project in the UK and Banco Alimentare della Lombardia inItaly as part of a campaign through which the EMEA Rates business donated $1per $1 million traded; funds are providing meals for impacted families inLondon and Lombardy, as well as support for frontline healthcare workers
  • Contributedfunds to UNICEF Kazakhstan to support access to virtual learning opportunitiesfor vulnerable students


Throughthe generosity and engagement of colleagues around the world, Citi raised over US$4million through its Double the Good employee donationcampaign. Having exceeded the US$2 million goal in colleague donations, Citi isdonating US$500,000 to each of the four organizations selected by Citi'sregions to address unique challenges: United Nations Development Programme(Asia Pacific), International Rescue Committee (Europe, Middle East andAfrica), the International Organization for Migration (Latin America) andDirect Relief (North America).

 

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


Citi

Citi, the leading global bank, hasapproximately 200 million customer accounts and does business in more than 160countries and jurisdictions. Citi provides consumers, corporations, governmentsand institutions with a broad range of financial products and services,including consumer banking and credit, corporate and investment banking,securities brokerage, transaction services, and wealth management.

 

Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi |Blog: https://blog.citigroup.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi.


Citi Foundation


The Citi Foundation works to promote economicprogress and improve the lives of people in low-income communities around theworld. We invest in efforts that increase financial inclusion, catalyze jobopportunities for youth, and reimagine approaches to building economicallyvibrant communities. The Citi Foundation's "More than Philanthropy"approach deploys the enormous expertise of Citi and its people to fulfill our missionand drive thought leadership and innovation.

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