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Citigroup Inc. (NYSE: C)
April 22, 2007
Citigroup Foundation and Injaz-Kuwait Launch JA Banks in Action
Al-Bayan School Featured in First Session
Kuwait City – How does a bank work? Not only are 19 Al Bayan Bilingual School (BBS) students learning just that, they are actually managing their own banks! Thanks to Citi and INJAZ-Kuwait, a member of Junior Achievement Worldwide, Banks in Action (BiA), a free eight-session program, has come to high schools in Kuwait Starting with Al-Bayan School.
On February 21, 2007, the Citigroup Foundation announced a grant in excess of $1 million to JA Worldwide™ (Junior Achievement) to launch the new JA Banks in Action™, a high school program which teaches students about the banking industry, in 28 countries around the world and 21 U.S. cities. Initially developed for implementation in Latin America, JA Banks in Action has been adapted for use in Kuwait, and provides high school students the opportunity to learn about the many facets of the banking industry.
The revised program includes a competition in which teams of students assume the role of bankers and make banking decisions. To win the competition, they must set interest rates on funds for short and long-term deposits and loans to attract savers and borrowers, and determine how much to invest in marketing, research and development to lower the cost of operations. The most successful student bankers are those who create a winning strategy to best serve their customers, manage their bank’s assets and liabilities, and increase their profits.
Al-Bayan Grade-12 student, Reem Al Thekair, who is taking part in BiA sessions, said: "BiA is a golden opportunity and an open window to foreshadow my future and open up my future options."
Dr. Dan Fruit, Head of the Business Department at Al Bayan School, said: “The BiA program is a great opportunity to learn what a bank is really all about and what kind of decisions bankers have to make on a day-to-day basis."
“Thanks to the support of the Citigroup Foundation, Injaz-Kuwait will reach more students with JA Banks in Action, which provides valuable work readiness and financial literacy education to young people,” said Rana Kamshad, Executive Director, INJAZ-Kuwait. “We are also incredibly grateful for the support of Citi employees, who volunteer their time to mentor students and deliver this program.”
“JA Worldwide and Citi share a common belief that financial literacy is an important life skill for young people in today’s global economy,” said Raj Dvivedi, Citi Country Officer and General Manager who led the first training session at Al-Bayan School. “We’re delighted to join JA Worldwide and share our knowledge, experience and excitement about the banking industry with students around the world through JA Banks in Action.”
JA Banks in Action currently reaches more than 31,000 students globally; the new grant will allow JA Worldwide to potentially reach 16,500 more students with the program including over 50 students in Kuwait by end of 2007.
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Citigroup Foundation
The Citigroup Foundation supports organizations that help people improve their lives, businesses to grow, and communities to prosper around the world. The Citigroup Foundation focuses its grants primarily in three areas: financial education, educating the next generation, and building communities and entrepreneurs. Additional information can be found at http://www.citigroupfoundation.org
Citigroup Financial Education Program
The Citigroup Financial Education Program is a global, company-wide effort to identify, support and implement initiatives that help give individuals, families and communities the tools needed to make sound financial decisions. Citigroup’s 10-year, $200 million global financial education commitment is focused in three areas: Personal Financial Education, Small Business Financial Education, and Institutional Financial Education. Additional information about Citigroup’s Financial Education Program, including Foundation guidelines, links and resources, including the Citigroup Financial Education Program Curriculum and Facilitator’s Guide may be found at: www.financialeducation.citigroup.com
About JA Worldwide™ (Junior Achievement)
JA Worldwide is the world's largest organization dedicated to inspiring and preparing young people to succeed in a global economy. Through a dedicated volunteer network, JA Worldwide provides in-school and after-school programs for students in grades K-12. JA Worldwide offers educational programs that focus on seven key content areas: business, citizenship, economics, entrepreneurship, ethics/character, financial literacy, and career development. Today, 140 individual area operations reach approximately four million students in the United States, with more than 3.5 million students served by operations in 100 countries worldwide. For more information, visit www.ja.org