Hong Kong – Citi Asia Pacific and the Citi Foundation today announced a collective commitment of US$35 million in philanthropic investments to advance economic opportunities and employability for youth from low-income and underserved communities in the region by 2023. In addition, the bank will offer 6,000 jobs and 60,000 job skills training opportunities for young people at Citi Asia over the next three years.
The regional commitments are part of Citi’s expanded global Pathways to Progress initiative. This initiative is designed to equip young people with the skills and confidence to improve their employment and entrepreneurship opportunities and make a positive impact in their lives and their communities in rapidly changing economies.
The increased commitment is in response to the impact of COVID-19 on youth employment in the region. According to the International Labor Organization (ILO), Asia Pacific is home to more than half of the world’s youth population, with 700 million youth aged 15 to 24 years. While they represent 20 per cent of the total working-age population, this youth segment accounts for almost half of the Asia Pacific’s jobless. The pandemic and resulting economic crisis has further challenged this issue. Projections through the end of 2020 in 13 countries show sizable jumps, with youth unemployment rates doubling the 2019 rate in some cases.1
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