Citibank 2011 Annual Report Download - page 5

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Conduct that is transparent, prudent and dependable
Responsible Finance
Laying
foundations
for a new
urban reality
CITI FOR CITIES
CITIES HAVE LONG BEEN ENGINES of innovation and progress. The world
currently is undergoing the largest wave of urban growth in history, with city
populations increasing by a third in the last 20 years. This dramatic change
introduces a host of complexities, and governments work to keep pace by
developing updated services and infrastructure that are efficient and secure.
Mumbai established an e-payment gateway for the government to collect tax
receipts and make payments. Warsaw created a system that allows it to monitor
its cash flows in real time. Mexico City adopted a system to manage its $30
million in daily payments. All these programs and more are made possible by the
financial and technological know-how delivered through the Citi for Cities team.
Championing
financial
inclusion
COMMUNITIES
AT WORK FUND
THERE IS NEW REASON to be hopeful in low-income communities across
America, where some small businesses are getting loans, community centers
are being developed and housing units are being renovated. In many such
communities, access to credit has long been scarce, and the opportunities
for economic development go by the wayside because educational, commercial
and social ventures are starved for cash. The Communities at Work Fund was
created to help reverse this trend. It provides financing through neighborhood
institutions that lend to nonprofit and for-profit enterprises that are
underserved by traditional banks. Citi, together with the Calvert Foundation
and Opportunity Finance Network, launched the $200 million fund in 2010
and has since approved loans to communities in 39 states.
Rebuilding
a broken
continent
THE MARSHALL
PLAN
EUROPE IS A PILLAR of the global economy, contributing more than 20% of
the world’s gross domestic product. But in the aftermath of World War II, Europe
was a devastated continent. It suffered crippling shortages of food, fuel and
clothing. Moved by this humanitarian crisis, the U.S. government developed
the Marshall Plan, a program that delivered $13 billion in aid. It’s considered
one of the most successful foreign aid programs in history, helping to boost the
European economy by more than a third in three years. Citi played an important
role in the Marshall Plan by arranging commercial letters of credit for shipments
to countries receiving aid.
Partnering
to expand
financial
access
MICROFINANCE
GLOBALLY, MORE THAN 200 MILLION people have access to credit and other
financial services, primarily through microfinance institutions that provide
loans to individuals, often in rural communities, financing small businesses,
education and housing. Microfinance continues to evolve as fresh thinking, with
innovative technologies like mobile and branchless banking, providing inclusion
and new opportunities for households and communities fostering economic
growth. The Citi Foundation has been a leading supporter of understanding
client needs, product innovation and financial education for more than 30 years.
Citi’s businesses, led by Citi Microfinance, are expanding financial inclusion
through partnerships with more than 120 microfinance institutions, funds and
networks in more than 40 countries, providing financial services to millions of
underserved households.