Citi announced on Monday that Citi and the Citi Foundation have committed over $65 m to date in support of COVID-19 related community relief efforts around the world.
The figure includes nearly $36m in charitable contributions from Citibank and nearly $30m in grants from the Citi Foundation.
The efforts are helping to deliver immediate relief to frontline workers and communities most impacted by the outbreak. They also are supporting longer-term investments in programmes 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. Support and resources are also being given to small businesses and individuals, whilst also helping communities face the critical challenges.
“Citi colleagues and businesses around the world have mobilised 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.”
Citi is launching a new employee donation campaign called Double the Good. For every $1 donated by a Citi employee in support of the coronavirus campaign, Citi will donate another $1 to one of four organisations selected by each of the bank’s regions to address unique challenges.
These include the United Nations Development Programme in the Asia Pacific, the International Rescue Committee (Europe, Middle East and Africa), the International Organization for Migration (Latin America) and Direct Relief (North America). Donations made between 1 January and 31 May 31 are eligible, with Citi donating up to $500,000 to each organisation.
Citi’s work as part of its active support for the coronavirus relief efforts include global, regional and localised efforts in specific countries.
Among its efforts in Europe, the Middle East and Africa, the Citi Foundation committed $2.5m for country-level relief efforts across the region.
Globally, Citi Foundation has committed $5m to the United Nations Foundation to support the COVID-19 Solidarity Response Fund. This is providing protective equipment for frontline healthcare workers, equipping diagnostic laboratories, improving surveillance and data collection, and establishing and maintaining intensive care units
In addition, Citi continues to take proactive measures to preserve the well-being of employees globally, including special compensation awards to 75,000 colleagues. The funds will go to helping ease the financial burden of the current situation. Citi is also offering assistance to customers impacted by the ongoing circumstances through credit card payment deferrals, fee waivers, hardship programmes, and additional small business support.