Citi Foundation delivers US$500,000 grant to IOM

The Citi Foundation has announced that The International Organization for Migration (IOM) has been selected to receive US$500,000 in catalytic funds within the framework of the Global Innovation Challenge 2024.

(See: Banco Contactar announces its new Mi Propósito savings account: this is how you can open one)

This initiative seeks to support solutions that address the problem of homelessness, a situation that affects millions of people around the world. Of a total of 50 organizations selected globally to receive a total of US$25 million, in Latin America, Nine organizations have been chosen in countries such as Argentina, Brazil, Costa Rica, Ecuador, El Salvador, Mexico, Peru and Trinidad and Tobago.

According to United Nations estimates, More than 1.8 billion people lack adequate housing and basic services. Insecurity in access to housing is a problem that affects various communities around the world, and this grant is presented as a key opportunity to promote innovative and sustainable solutions.

(Read more: The digital euro would allow Europe to avoid depending on suppliers to make payments)

“Having access to safe and stable housing is a determining aspect for the well-being and economic development of any person.”commented Elizabeth Rey, CCO of Citi Colombia.

“The 2024 Global Innovation Challenge allows us to support solutions that address the problem of housing insecurity and we are excited to have one of these projects in Colombia, where through the IOM we will support migrant families so that they can establish their roots, stabilize and prosper. in your new environment”he added.

(Read: Zero Hunger: what do the beneficiaries of this program have access to?)

The program to be implemented by IOM, titled “Inclusion Initiative for Sustainable Living”, seeks to improve access to decent housing and development opportunities for migrants and refugeesas well as for the host communities in Cúcuta and Medellín. This comprehensive approach will include financial education and inclusion programs, health services counseling, and more.

(Read also: How to enter the Youth in Action program and when will there be a new call?)

“This program will ensure that vulnerable communities increase their resilience through access to decent housing, education and financial inclusion, and livelihoods, based on a participatory and sustainable approach.”explained Fernando Medina, Head of Mission of IOM Colombia.

The grant will be implemented over the next two years and IOM will have the opportunity to participate in a learning community facilitated by IDEO.org, an NGO dedicated to designing solutions in the social impact sector. This space will allow IOM to establish deeper connections and share good practices with other organizations.

(See: Care Assessment: when payments for this line of intervention will begin)

“Since the launch of the first Global Innovation Challenge in early 2023, we have seen how community-based solutions are poised to accelerate impact on the ground”said Brandee McHale, president of the Citi Foundation. “We call this support ‘catalytic’ given the multiplier effect it can have on low-income communities,” he concluded.