BY BETH DEDMAN
Citi and the Citi Foundation have committed over $65 million in support of COVID-19-related community relief efforts around the world, including nearly $36 million in charitable contributions and nearly $30 million in grants from the Citi Foundation.
The donations are meant to relieve frontline workers by providing medical equipment and uplifting low-income communities by providing meals. The foundation is also supporting small business and working individuals affected by the shutdowns.
“Citi colleagues and businesses around the world have mobilized individually and collectively to help those most impacted by this global pandemic,” said Citi CEO Michael Corbat. “These are our values in action and we will continue to complement our business activities with our philanthropy to support our communities in every way we can.”
The Citi Foundation is committing $10 million to help Community Development Financial Institutions in the U.S. serve small, diverse entrepreneurs who may not qualify for federal government stimulus funding. These efforts will support communities across the U.S., including those in Chicago, Los Angeles, Miami, New York City, San Francisco and Washington, D.C.
The Citi Foundation also sent $4.5 million to the Local Initiatives Support Corporation and Cities for Financial Empowerment Fund to support financial counseling and supportive services.
The foundation had initially only donated $15 million, $5 million of which went to the COVID-19 Solidarity Response Fund, No Kid Hungry and $5 million for additional country-specific efforts outside the U.S. Citi also matched $2 million raised from clients and colleagues, bringing the total amount donated to No Kid Hungry to $9 million.
Citi is also launching a new employee donation campaign called Double the Good. For every $1 donated by a Citi employee in support of COVID-19 relief, Citi will donate $1 to one of four organizations: the United Nations Development Programme, International Rescue Committee, the International Organization for Migration and Direct Relief. Donations made between Jan. 1-May 31 are eligible, and Citi will be donating up to $500,000 to each organization.
Additional information about Citi’s efforts may be found at www.citigroup.com.