Citi Joins the Economic Opportunity Coalition as Founding Member to Accelerate Financial Inclusion for All
28 Julho 2022 - 11:00AM
Business Wire
Citi today announced its participation as a founding member in
the Economic Opportunity Coalition (“EOC”). This is an effort by
the Biden-Harris Administration to catalyze and align public and
private investments that will address economic disparities and
accelerate economic opportunity in underserved communities in the
U.S. The newly created program consists of corporations and
foundations, all of which have committed to aligning major
investments in underserved communities with investments made by the
Biden-Harris Administration.
“At Citi, we recognize that closing the racial wealth gap is not
only imperative for communities but for businesses. We need
collective action from both the private and public sectors to
address systemic socioeconomic issues and increase economic
mobility,” said Jane Fraser, CEO of Citi. “That’s why we’re
partnering with the Economic Opportunity Coalition to help
strengthen financial inclusion and deepen Citi’s racial equity
commitments.”
As a founding member, Citi will support the coalition at large,
with a focus on how it engages and strengthens community financial
institutions, including community development financial
institutions (CDFIs) and minority depository institutions (MDIs).
Participation will build upon Citi and the Citi Foundation’s Action
for Racial Equity, a $1.1 billion initiative to help close the
racial wealth gap and increase economic mobility in the U.S. In
just the first year of a three-year commitment, Citi has already
invested more than $1 billion in these efforts, and the company is
on track to meet its financial commitments by the end of 2023.
Earlier this year, the Citi Foundation launched a $50 million
Request for Ideas to solicit and support breakthrough innovations
from nonprofit organizations working to advance the field of
community finance. Citi also created the Diverse Financial
Institutions Group, a dedicated team within the company that is
responsible for leading and expanding firmwide engagement with
MDIs, diverse broker dealers and diverse asset managers. The bank
is deepening its ongoing engagement with these stakeholders given
their critical role in advancing racial equity in financial
services.
“The investments EOC members have already made to accelerate
economic opportunity signals a promising new era in historic
investment to help close the wealth gap in the U.S., but we
recognize we must do more,” said Michael Roth, Managing Partner,
Next Street and lead of the Economic Opportunity Coalition.
“We’re excited to work with organizations like Citi, who have been
critical in advancing equity and inclusion in our communities, and
we look forward to leveraging our collective resources to implement
changes that can have a lasting impact on our society.”
The EOC will coordinate across public, private and social sector
organizations to develop and deploy new products and services that
solve issues in getting resources where most needed and hold itself
accountable for meaningful action. The EOC has already made
significant commitments across its four focus areas: 1) investing
in CDFIs and MDIs, 2) supporting entrepreneurship and
minority-owned businesses, 3) expanding inclusive and equitable
access to credit and other financial services facilitating
financial health, and 4) making infrastructure investments that
create more community wealth.
EOC members are committed to continuing to make progress. Over
the coming months, the EOC will build on investments the
Biden-Harris Administration has made and develop new solutions that
reimagine how capital, technology and talent are deployed in
underserved communities.
About Citi
Citi is a preeminent banking partner for institutions with
cross-border needs, a global leader in wealth management and a
valued personal bank in its home market of the United States. Citi
does business in more than 160 countries and jurisdictions,
providing corporations, governments, investors, institutions and
individuals with a broad range of financial products and
services.
Additional information may be found at www.citigroup.com |
Twitter: @Citi | YouTube: www.youtube.com/citi | Blog:
http://blog.citigroup.com | Facebook: www.facebook.com/citi |
LinkedIn: www.linkedin.com/company/citi
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Media Victoria Ifan victoria.ifan@citi.com
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