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The hungry people of the Philippines are getting some help from Citi.
The bank's Citi Foundation has awarded a total of $25 million to 50 community organizations working to improve food security and strengthen the financial health of low-income families and communities around the world, CNBC reports.
The recipients of the first-ever Global Innovation Challenge, a new model to identify and provide philanthropic support to community organizations that are developing innovative solutions to social and economic challenges facing low-income communities, will each receive $500,000 to support programming across four key areas: food access, availability, affordability, and community resilience.
Among the recipients: World Vision Development Foundation in the Philippines, which trains farmers to start or grow profitable farming businesses and implement sustainable agricultural practices.
Negros Women for Tomorrow Foundation in the Philippines, which is piloting training programs on modern farming techniques to develop and grow agricultural businesses for low-income farmers in the rural Philippines.
"Philanthropic capital plays a critical role in the marketplace of social solutions and Citi Foundation's Global Innovation Challenge is designed to help new ideas grow and scale," says Brandee McHale, president of the Citi Foundation.
"From providing immediate relief to those in crisis to longer term interventions, the organizations that make up our first-ever Global Innovation Challenge cohort are delivering life
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