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Citigroup Inc. (NYSE: C)
June 16, 2008
Citi Jordan & King Abdullah II Fund for Development Celebrate Five Years of Cooperation
$104,000 in Grants to KAFD’s Various Initiatives through Citi Foundation
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The partnership between Citi and KAFD dates back to 2004 when the bank sponsored the establishment of two Information Technology Community Centers, popularly called “Knowledge Stations,” in Amman and Aqaba. Both stations were part of a nation-wide drive by KAFD to bridge the digital divide and enhance computer/Internet skills in the disadvantaged areas of the kingdom and to enable all segments of the Jordanian population to acquire the necessary skills of Information and Communications Technology (ICT), which would enhance their living standards.
Furthermore, Citi has provided grants to KAFD for funding distinguished students with financial needs at various universities across the Kingdom. More than 74 business and economics students at Bachelor and Master level programs have so far benefited from more than USD 104,000 in scholarship funds provided by the Citi Foundation through KAFD.
KAFD was established by a Royal Decree in 2001 as a non-governmental organization working to provide all segments of the Jordanian community, particularly the underprivileged brackets, away from direct loaning, with new and innovative economic opportunities aimed at alleviating their socio-economic burdens in response to their needs, priorities and socio-economic situations. The fund contributes to programs designed to empower the targeted segments to engage them in creative and productive activities.
Ziyad Akrouk, Citi’s General Manager in Jordan, said: “As a global partner in sustainable development, Citi is keen to join local community stars such as KAFD as we believe that strong capacity-building programs raise the quality of life for individuals, families and institutions and empower communities. We look forward to enhancing our partnership and to continue funding KAFD’s worthy community projects.”
Tarek Awad, Director General of KAFD, said: “Our partnership with Citi is developing into a strategic alliance between the top global financial powerhouse and the leader in local community development. The various initiatives undertaken in the past five years set a model for cooperation between multinational players and public service entities for the full benefit of local communities.”
Citi has been present in Jordan since 1974. The bank is considered a market leader in the Jordanian market and a leading provider of treasury products. In its 34-year presence in the kingdom, the bank has evolved into an active corporate citizen, with a particular interest in supporting financial and higher education, microfinance and other humanitarian needs in the country.
Recently, Citi and the Citi Foundation announced a ten-year, $200 million global financial education commitment, the formation of a new Office of Financial Education and a global initiative designed to encourage its 300,000 employees around the world to devote time to support financial education and other charitable causes. Under the new initiative, employees may take a day off from work to volunteer for non-profit organizations in their communities.
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Citi
Citi, the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing 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, and wealth management. Citi's major brand names include Citibank, CitiFinancial, Primerica, Smith Barney, Banamex, and Nikko. Additional information may be found at www.citigroup.com or www.citi.com.
Citi Foundation
The Citi Foundation is committed to enhancing economic opportunities for underserved individuals and families in the communities where we work throughout the world. Globally, the Citi Foundation is focusing its giving on Microfinance and Microentrepreneurship, which helps individuals become economically self-sufficient; Small and Growing Businesses, leading to economic expansion and job creation; Education, which prepares young people for personal and professional success; Financial Education, which helps individuals make informed financial decisions; and the Environment with a focus on sustainable enterprises that generate jobs and stimulate economic growth while preserving the environment. Additional information can be found at http://www.citigroupfoundation.com/.
Citi Financial Education Program
Based on the belief that knowledge is your greatest asset, the Citi Financial Education Program is a global, company-wide effort to identify, support and implement initiatives that help give individuals, families and communities the tools needed to make sound financial decisions. Citi's ten-year, $200 million global commitment is focused in three areas: Personal, Small Business and Institutional Financial Education. Additional information about Citi Financial Education Program, including Citi Foundation guidelines, links and resources and the Citi Financial Education Program Curriculum and Facilitator's Guide may be found at http://financialeducation.citigroup.com.