Global Innovation challenge by CitiBank may have a huge impact on the society

 

History of CitiBank

During the initial days the name was ‘Citybank’ which was then changed to ‘Citibank’ in 2009. Citi bank had some major breakthrough in the industry after that, mainly in the banking field, this include world’s first ATM. – Citibank, Insights 

Citibank was founded in1812 as the City Bank of New York and has since grown to become a major player in the global banking industry. Over the years, it has been involved in numerous mergers and acqusitions, including the merger with Travelers group in 1998 to form Citigroup Inc.

Citibank, also know as Citigroup Inc, is a multinational Financial services corporation headquarterd in New York City, United States. It is one of the largest banks in the world with a presnesce in over 160 countries, serving around 200 million customers

Citigroup’s contribution towards to irradicate world’s hunger :

In order to come up with a solution to reduce the hunger in the world, Citibank came up with a plan called as “ Global Innovation challenge”. This challenge will help to raise $25 million to support the community organisation around the world. In the first stage 50 Organisation will take part to raise the amount. The main objective of this project is to improve food security and reduce financial burden among the low income earning families.

“The food security crisis is one of the most urgent issues our world is facing today,” said Lisa Henshaw, President, Global Citizen. Forthis proposal, Citi Foundation will prioritise these four areas. They are:

• Access: Support efforts that increase access to affordable and healthy food to low-income communities. 
• Affordability: Improve food affordability through community finance efforts that help reduce the financial burden placed on low-income communities.
• Availability: Address challenges in the food supply chain that lead to positive community benefits, such as the creation of new jobs and businesses.
• Resilience: Increase the number of available resources that enable low-income communities to more effectively prepare for and respond to disruptions in food security during crises.

 

The deadline to complete the challenge is mentioned as March 22, 2023

Reference List

·      Citi Bank Insights (no date) Insights. Available at: https://www.citibank.com/icg/sa/emea/czech/english/insights/history.html#:~:text=Citi%20Globally,of%20the%20world's%20first%20ATM. (Accessed: March 5, 2023). 

·      Citi Foundation Announces Inaugural Global Innovation Challenge to empower nonprofits improving food security around the world (no date) Global Investment Bank and Financial Services. Available at: https://www.citigroup.com/global/news/press-release/2023/citi-foundation-announces-inaugural-global-innovation-challenge-to-empower-nonprofits-improving-food-security-around-the-world (Accessed: March 5, 2023).