The Citi Foundation has provided US$ 1 million to Habitat for Humanity for an innovative three-year multi-country microsavings and financial education initiative. The grant is one of the Citi Foundation’s largest international funding commitments this year.
The Citi-Habitat Home Improvement Microsavings Program will target communities living in substandard housing in the Philippines, Thailand, and Vietnam that are regularly exposed to natural disasters such as flooding and typhoons. By providing savings products, financial education and construction technical assistance, the program aims to help 3,000 low-income homeowners save a total of US$2 million to strengthen their homes against disasters.
When announcing the grant during a recent visit to Bangkok, Shirish Apte, CEO, Citi Asia-Pacific, said: “ There are an increasing number of natural disasters in this region, and although Citi has a proud history of disaster response, we also understand the importance of disaster risk reduction. We are very pleased to extend our long-standing partnership with Habitat for Humanity and to be able to demonstrate Citi’s commitment to financial inclusion by developing a scalable savings model for poor communities in the Philippines, Thailand, and Vietnam that are especially vulnerable to disasters.