Philanthropy
Citigroup Widens Scope Of Programme To Cut Youth Unemployment
The US bank is expanding its philanthropy programme designed to reduce unemployment among young people worldwide.
Citigroup’s Citi Foundation is widening its Pathways to Progress
initiative that aims to cut unemployment among young people
around the world, investing $50 million in the US and another $50
million globally.
The US bank’s philanthropic programme works with local public
leaders helping young adults find jobs. It has a target of
reaching half a million people worldwide over the next three
years. The programme started in 2014. The expansion of the
venture includes a commitment to have 10,000 Citigroup employees
volunteer to serve as mentors, coaches and role models to young
people and support their career progress, the bank said in a
statement yesterday.
“The playing field isn’t level for all young people and Citi
wants to help change that,” Citigroup chief executive Michael
Corbat said. “Mentors, internships and exposure to a variety of
career opportunities help young people get a foot in the door and
provide the foundation they need to thrive in their careers -
those are the things Pathways to Progress helps provide to those
who might not have access to them otherwise,” he said.
Among the global initiatives, the bank is working with
TechnoServe to establish a College Career Center in Mumbai,
India, to provide job skills training, career counselling and
placement support to more than 1,200 young people transitioning
from college to work. It is expanding Youth Business
International’s efforts to provide more than 5,000 young aspiring
entrepreneurs across European cities such as Paris, Milan and
Madrid with entrepreneurship training, access to capital,
mentoring and other business development services. It is also
working on vocational training workshops with the organisation
Glasswing International to offer vocational training workshops
and mentoring programmes in Central American cities, including
Panama City and San Salvador.
As far as the US is concerned, Citigroup’s programme includes
working alongside the Cities for Financial Empowerment Fund and
mayors across eight cities to create summer job and financial
empowerment opportunities for more than 2,400 young people in
2017.
“With the rising youth unemployment rates globally, it’s
imperative to help the youth build up their confidence and
cultivate their leadership skills and competitiveness,” said Dr
Tien-Mu Huang, vice chairman, Financial Supervisory Commission,
Republic of China (Taiwan).