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J.P. Morgan Chase has pledged $ 500 million for a new program to boost economic growth in cities around the world.
The bank, led by CEO Jamie Dimon, is building on what she learned from previous investment projects in Detroit, Chicago and Washington, DC, according to a press release.
The reach of the plan, called AdvancingCities, is broad: to create opportunities for those left behind by economic growth. Starting Wednesday, the bank will accept proposals from cities of all sizes for low-cost grants and loans, as long as they cover at least two of the following four areas: jobs and skills, small business growth, revitalization of neighborhoods and financial health. The winners will be announced in early 2019.
The bank will also make large-scale investments in cities where it sees an opportunity to enhance economic inclusion. He will announce a project in a city outside the United States later this year, the statement said.
"The opportunities are not shared equally between neighborhoods," said Dimon in the statement.. Companies "must strive to help change the status quo by creating a better future for all, no matter where they live".
JP Morgan said she expects another billion dollars in capital when philanthropic groups and other financial organizations join the effort. This is the biggest ad of this type made by the bank so far. His Detroit plan started at $ 100 million and later reached $ 150 million.
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