New York Citi announced today that Citi and the Citi Foundation have committed over $65 million to date in support of COVID-19-related community relief efforts around the world, including nearly $36 million in charitable contributions from Citi and nearly $30 million in grants from the Citi Foundation.
These efforts are helping to deliver immediate relief to frontline workers and populations within communities most impacted. They also are supporting longer-term investments in programs focused on economic recovery and financial stability. Relief is being provided in the form of medical equipment for frontline healthcare workers and meals for low-income families, as well as support and resources for small businesses and individuals, to help communities facing critical challenges.
“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 (CDFIs) in the U.S. serve small, diverse entrepreneurs who may not fully qualify for federal government stimulus funding. The commitment will also help scale digital tax preparation services to help more than 50,000 families access remote digital tax prep services, financial counseling and assistance in filing for stimulus funds and Earned Income Tax Credits. Efforts will support communities across the U.S., including those in Chicago, Los Angeles, Miami, New York City, San Francisco and Washington, D.C. In addition, the Citi Foundation redirected $4.5 million in funding to the Local Initiatives Support Corporation and Cities for Financial Empowerment Fund to support financial counseling and supportive services.
These contributions are in addition to the Citi Foundation's initial $15 million commitment, comprising $5 million to support the COVID-19 Solidarity Response Fund, $5 million for emergency food distribution programs in the U.S. through 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 as a result of Citi's efforts.
In addition, Citi is 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 selected by each of Citi's regions to address unique challenges: United Nations Development Programme (Asia Pacific), International Rescue Committee (Europe, Middle East and Africa), the International Organization for Migration (Latin America) and Direct Relief (North America). Donations made between January 1 and May 31, 2020 are eligible, and Citi will be donating up to $500,000 to each organization.
Citi's work to actively support COVID-19 relief efforts include global, regional and localized efforts in specific countries, including:
Europe, Middle East and Africa
In addition, Citi continues to take proactive measures to preserve the well-being of employees globally, including special compensation awards to 75,000 colleagues to help ease the financial burden of this situation. Citi is also offering assistance to impacted customers through credit card payment deferrals, fee waivers, hardship programs, and additional small business support.
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 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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The Citi Foundation works to promote economic progress and improve the lives of people in low-income communities around the world. We invest in efforts that increase financial inclusion, catalyze job opportunities for youth, and reimagine approaches to building economically vibrant communities. The Citi Foundation's "More than Philanthropy" approach deploys the enormous expertise of Citi and its people to fulfill our mission and drive thought leadership and innovation.