Citi logo/Courtesy of Citibank Korea

The Citi Foundation will provide funds to bolster COVID-19-related relief activities

Citi announced this week that the global banking group will donate $15 million to support relief activities related to the novel coronavirus, COVID-19, across the world.

The Citi Foundation, which will make the monetary contribution, is scheduled to divide the funds three ways between as many distinctive international causes.

A third of the money will be directed to the COVID-19 Solidarity Response Fund, while another third will go to No Kid Hungry to support Food Distribution Programs in the United States.

Launched earlier this month, the COVID-19 Solidarity Response Fund is designed to bolster the work of the World Health Organization in containing the coronavirus pandemic.

Major multinational companies, including Google, Facebook, and H&M, have donated to the fund based in Geneva, Switzerland.

No Kid Hungry is aimed at ending child hunger in America by ensuring that all children get the healthy food they need every day. Citi estimated that in time with school closures, vulnerable kids will miss more than 100 million meals this week alone. 

The remaining $5 million will be used to additional international, country-specific efforts in places that are severely impacted by the virus outbreak, according to Citi.

In the coming weeks, the foundation said that it will identify more opportunities to back longer-term recovery efforts.

Citi CEO Michael Corbat said that the outfit will continue to participate in the relief activities.

These funds are just a first step in helping to support those immediately impacted by this crisis, including healthcare workers on the frontline and the foodbanks in the U.S. that are feeding our young people,” he said in a statement.

This unprecedented situation demands that we continue to respond thoughtfully and decisively using the breadth of our philanthropic efforts and our core business activities.”

On top of above-mentioned philanthropic efforts, Citi said that it is offering helping hands to its impacted customers via various measures. It has some 200 million customer accounts in more than 160 countries and jurisdictions.

Citibank Korea takes part in anti-virus initiatives

As Citi’s global head office sets the tone, its South Korean unit follows suit.

Early this month, Citibank Korea noted that the lender will extend loans to virus-hit small-sized companies at lower interest rates than the previous norm.

While offering protective facial masks and hand sanitizers to disabled people and senior citizens, the entity also provided energy drinks to medical staff in Daegu, the epicenter of South Korea’s virus outbreak.

Observers noted that Citibank Korea has spearheaded the CSR efforts in the banking industry.

“As far as CSR activities are concerned, Citibank Korea has blazed a trail in this country. It deserves praises,” said a source in the financial industry.