Citi Foundation is the branch of Citi that undertakes humanitarian projects. Recently, the Foundation granted funds amounting to $155,000 to four Lebanese institutions to help them work productively in the fields of youth education, entrepreneurship and microfinance.
The recipients of the grant fund are:
- American University of Beirut (AUB): Citi Foundation, along with the Olayan School of Business (OSB) will be starting a special program, Family Business Initiative, which will focus on 50 family businesses. The program will be conducted through workshops. The program would aim at accumulating a wide knowledge base that would help leaders of family business, managers, and operators. Through this knowledge base they would be able to handle important matters, like growth of the firm, managing and financing, in a more effective manner.
- Young Men’s Christian Association (YMCA) Lebanon: Citi Foundation will also continue its efforts to support YMCA Lebanon, by conducting the Citi Micro-entrepreneurship Awards (CMA) program. This program is specially designed to support Micro-enterprise, and to make people aware of the financial services requirements of micro-entrepreneurs. In fact, Citi has been funding the program since 2005, and till now 250 micro-entrepreneurs have received cash grants through it.
- Injaz Lebanon: Injaz Lebanon, which is affiliated with Junior Achievement, will get a grant, to carry out the Company Program. 500 high school students will be trained to develop skills required to become an entrepreneur. Students who participate are required to create their own dummy companies, and they learn about important entrepreneurial factors, like corporate structures, operations, capitalization, clients, pricing, sales, and company liquidation techniques.
- International College (IC): Under this program, 170 students will be given special training to sit for the SAT exam, which is a qualifying test, to get admission in any university.
Antoine Maroun, General Manager of Citibank Lebanon, said, “We aim to execute an all-round community development program in Lebanon and to enable youth and entrepreneurs alike to realize their full potential. The work of the Citi Foundation is complemented by various levels of support and involvement by our staff namely in the area of volunteering and board involvement.”
Citi is not a new name in Lebanon. In fact, it has been in the country since 1950’s. Almost fifteen years ago, Citi established its fully licensed branch at Beirut, and today it is a well-recognized corporation that helps to promote financial literacy and education in the country.
For almost 10 years now Citi has been supporting social and economic development programs in Lebanon, costing more than $600,000.From 2001 to2010, Citi has been awarding scholarships to more than 200 university students, and has also provided grants to NGOs that have been involved in youth education programs, microfinance and providing housing to low-income families.
