Citi recently announced a second tranche of funding toward a $2 million commitment to relief and reconstruction efforts in Haiti. This latest initiative is aimed at job creation, which is essential if Haiti is to continue its recovery from the catastrophic earthquake in January. Together with the Soros Economic Development Fund, Citi is putting resources toward creating new opportunities in one of Haiti's most promising sectors - the apparel industry.
Specifically, a $250,000 Citi grant will help the CODEVI apparel company create 1,400 new jobs and provide training to its employees over the next 12 months. Importantly, it will do so in an area, Ouanaminthe, that has been a refuge for Haitians migrating out of Port-au-Prince.
Citi has played an ongoing role in the country's rebuilding, combining business and philanthropic efforts. In the immediate aftermath, we helped with emergency relief, shipping more than 15 tons of supplies to the country. While Citi's office in Haiti was fully destroyed, our employees found ways to provide services essential to recovery, and reopened our operations within 11 days.
In March, Citi hosted the Haiti Leadership Roundtable in Miami that brought together government officials, public sector leaders and industry experts to discuss ways to modernize and improve the functioning of Haiti's financial system. In April, the company announced $1 million in charitable contributions to three local microfinance institutions - Fonkoze, FINCA Haiti and SOGESOL - that extend credit and grants to entrepreneurs and small business owners so critical to Haiti's economic future.
Citi customers are also an important part of this story. Thank You Rewards members have redeemed points for generous donations to the American Red Cross in support of Haiti relief efforts. To date, Thank You members have contributed points with a cash equivalent of over $500,000, and such donations may still be made at www.thankyou.com.
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