Citi's Partnership with UNDP Strengthens across Asia

October 06, 2020 - 03:53
Citi's Partnership with UNDP Strengthens across Asia

HONG KONG,CHINA - Media OutReach - 6 October 2020 - Citigroup Inc. (NYSE: C) - Citi's partnership with the United NationsDevelopment Programme (UNDP) in Asia Pacific has strengthened further in 2020.UNDP, which works to eradicate poverty, partnered with Citi to raise importantfunds over the course of the year in the fight against COVID-19.


Citi's support is being utilized for the most vulnerable andmarginalized communities across the region including families below the povertyline, women at risk and migrant workers.


It is also being used to provide socio-economic recovery andlivelihood support, including food rations, medical supplies and personalprotection equipment, to those most impacted from COVID-19, due to loss oflivelihood and inaccessibility to healthcare and essential needs. Projectsacross the region are underway, which includes providing close to 9,000vulnerable women living in rural poverty with food baskets and health andsanitation kits in Bangladesh and providing skills, training and support for femaleentrepreneurs and women working in the heavily-impacted tourism industry tofind alternative means of livelihood in Sri Lanka.


In Asia Pacific, Citi committed US$1 million of trading revenue toUNDP through an employee-led initiative by several Markets and SecuritiesServices businesses including Regional Cash Equities, Rates & Currencies,and Corporate Sales & Solutions.


The bank also donated US$500,000 as part of the Double the Goodemployee donation campaign, where for every $1 donated by a Citi employee insupport of COVID-19 relief, Citi donated $1 to UNDP as the selectedorganization for the region.


"Our partnership with UNDP has provided important support tocommunities across Asia Pacific. I am proud that thousands of Citi colleagueshave joined in this partnership, making a real difference to people in needduring a challenging time. We look forward to our continued collaboration withUNDP," said Peter Babej, Citi Asia Pacific CEO.


"A pandemic of this magnitude requires governments, UNDP, and theprivate sector to come together to help communities on urgent health needs,multi-sectoral crisis management and a socio-economic response," said KanniWignaraja, UN Assistant Secretary-General, and Regional Director for UNDP inAsia and the Pacific. "The commitment from Citi and its employees is timely andmuch appreciated as it allows UNDP to immediately reach out to people mostaffected by COVID-19. If we are to emerge from this crisis stronger and moreresilient, we need strong partners like Citi to be part of #NextGenUNDP, tohelp countries make sustainability-driven choices to underpin recovery andprogress."


The work with UNDP builds on the successful Youth Co:Lab programmewhich is part of the bank's global Pathways to Progress initiative. Co-createdby UNDP and the Citi Foundation, Youth Co:Lab is the largest youth social entrepreneurship movementin Asia Pacific. Since its inception it has been positioning young people frontand center to solve the region's most pressing challenges and building up anecosystem to connect them with incubators, accelerators and investors to turnsolutions into viable business models.

In response to COVID-19, young social entrepreneurs in YouthCo:Lab's network are repurposing their operations, skills, and creativity tohelp their communities respond to the pandemic.


In the Philippines, Life Cycles paired up hospitals, grocerystores, drugstores, and local government units with generous bicycle donors toensure frontline staff and essential workers could get to work during periodsof movement restriction in the country.


In Bangladesh, agri-tech start-up iPage is helping to bridge thegap between smallholder farmers and local consumers amidst nationwide shutdownsand movement restrictions due to the pandemic. With the proper precautions inplace, they are able to serve up to 100 orders in Dhaka city daily and helptheir partner farmers who were experiencing unprecedented difficulties to selltheir produce on time at fair prices.


Some 25 markets across Asia Pacific have joined the Youth Co:Labprogram. To date, it has reached over 75,000 participants through nationaldialogues, regional summits and social innovation challenges.


It has also benefitted over 7,100 young social entrepreneurs,helped launch or improve nearly 650 youth-led social enterprise and establishedpartnerships with over 180 key ecosystem players to strengthen the YouthEmpowerment Alliance.


In Hong Kong, the Youth Co:Lab Hong Kong Dialogue 2020 will beheld in early December in collaboration with the Hong Kong Council of SocialService, with the theme "Making Progress in Fostering Equalities". The Dialoguewill discuss and examine the needs of marginalized and disadvantaged childrenand youth and identify solutions to enhance inclusion and ensure equalopportunities and outcomes for them.


The work Citi has done with UNDP through the pandemic iscomplemented by donations from Citi offices in the region towards COVID-19relief efforts, part of which are helping to provide protective equipment andmedical supplies for frontliners. Additionally, Citi Foundation donated $1.5million towards immediate relief funding across Asia Pacific which is aiding inrelief and recovery for members of vulnerable communities, including throughfood ration distributions and community healthcare efforts.

About Citi

Citi, the leading globalbank, has approximately 200 million customer accounts and does business in morethan 160 countries and jurisdictions. Citi provides consumers, corporations,governments and 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.

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