Citi partners with Soros Economic Development Fund to help create 1,400 new jobs in Haiti

PORT-AU-PRINCE, Haiti – Citi will partner with the Soros Economic Development Fund (SEDF), a non-profit social investment fund, to launch a professional training program for employees of apparel company CODEVI. This investment will help create 1,400 new full time jobs for Haitians over the next 12 months. The $250,000 Citi grant was announced in Port-Au-Prince today by Eugene M. McQuade, CEO Citibank, N.A.

Enabling local companies to create jobs, particularly in Haiti’s economically critical apparel industry, is essential for the country’s long-term recovery. Since the earthquake in January, many Haitians have been migrating from Port-au-Prince to Ouanaminthe, located in the northern part of the country, in search of work at CODEVI. As production expands and employee numbers increase, training will become an important element of success. This grant will provide training to factory line workers and middle management to help strengthen CODEVI’s professional workforce.

Citi CEO, Vikram Pandit, said, “Citi has shown great commitment to the rebuilding efforts in Haiti by combining our business and philanthropic efforts to help develop a functioning economic system. We are pleased to partner with SEDF to bring much needed technical assistance to help foster job creation.”

This announcement is part of Citi’s $2 million pledge in charitable contributions to the relief and reconstruction efforts in Haiti. Citi has played a continuous role in the country’s rebuilding efforts including immediate emergency relief, fundraising campaigns and, from a business perspective, in March Citi hosted a leadership roundtable in Miami bringing together government officials, public sector leaders and industry experts to discuss ways to modernize and improve the functioning of Haiti’s financial system.

In May, Citi announced a $1 million charitable contribution to three local microfinance institutions, Fonkoze, FINCA Haiti and SOGESOL, to help restore the country’s microfinance industry and drive job creation. Citi has been a part of the fabric of the community in Haiti since 1971.

Mr. McQuade said, “Job creation is essential if Haiti is to recover from the earthquake that devastated the country early this year. This grant will stimulate job creation and economic growth particularly in the Ouanaminthe region and help in the revival of an industry that has been identified as critical to Haiti’s future.”

Fernando Capellan, CEO of CODEVI, said “We are facing challenging times in Haiti so we applaud this partnership between Citi and SEDF which will help CODEVI create much needed employment in this region. Partnerships like this will help lay the foundation to economic recovery.”