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Citi & Citi Foundation committed over $100mn for COVID-19 relief & economic recovery

Michael Corbat, Citi CEO

Citi has announced that the firm, along with the Citi Foundation, has committed more than $100 M to date in support of COVID-19-related community relief and economic recovery efforts globally.

The total commitment includes more than $35 M in new funding, adding to the previously announced $65 M in grants and charitable contributions to deliver ongoing relief and support for longer-term economic recovery in communities impacted by the pandemic. These contributions also include $2 M from Citi employees through a donation matching program.

Citi and the Citi Foundation has also expanded support for Community Development Financial Institutions (CDFIs), which plays a vital role in increasing access to safe and affordable products and services for these businesses and communities.

Citi is also donating net profits from Citi’s participation in the U.S. Small Business Administration’s Paycheck Protection Program (PPP), i.e., 25 M to the Citi Foundation. The foundation is deploying $15 M in unrestricted funding of up to $500,000 per CDFI to support small businesses owned by people of colour and low- and moderate-income individuals and communities. The remaining $10 million in PPP net profits was given to the Local Initiatives Support Corporation (LISC) to support the New York Forward Loan Fund, which is enabling CDFIs making loans to SMBs, nonprofits and small landlords for working capital, including payroll, operating and emergency maintenance.

“COVID-19 has brought to the forefront the racial, economic and social inequalities that exist in our communities. Partnering with community-based financial institutions to support those businesses and populations most impacted helps address the disparities that persist and support our communities in need,” said Michael Corbat, Citi CEO.

Citi is also providing additional immediate relief and investments in longer-term solutions to the COVID-19 pandemic affected global regions including North America, Latin America, Asia Pacific Europe, Middle East and Africa. The firm has also raised over $4 M through its “Double the Good” employee donation campaign, out of which $500,000 is being donated to each of the four organisations selected by Citi’s regions to address unique challenges: International Rescue Committee (Europe, Middle East and Africa), United Nations Development Programme (Asia Pacific), the International Rescue Committee (Latin America) and Direct Relief (North America).

“During a time of great uncertainty and economic hardship, my colleagues once again showed their generosity and compassion by contributing more than $2 million of their own money to support COVID-19 relief efforts, which Citi matched with an additional $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,” concluded Mr Corbat.

Recently, Paypal announced $530 mn commitment to dismantle racism in all its forms.

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

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