J.P. Morgan Pursuit pledged $500 million for a new program to boost economic growth in new zealand urban areas around the world.
The bank, led by CEO Jamie Dimon, is basing the effort on what it cultured from previous investment projects it led in Detroit, Chicago and Washington, D.C., contract to a press release.
The scope of the plan, called AdvancingCities is broad: to spawn opportunities for people who have been left behind by economic advance. Starting Wednesday, the bank will accept proposals from municipalities of all sizes for grants and low-cost loans, so long as they address at baby two of four areas: jobs and skills, small business growth, neighborhood revitalization, and fiscal health. Winners will be announced in early 2019.
The bank will also go large-scale investments in cities where it sees opportunity to improve trade inclusion. It will announce a project in a city outside the U.S. later this year, according to the launch.
“Opportunity is not shared equally across neighborhoods,” Dimon said in the launch. Corporations “must step up to help change the status quo by creating a more safely a improved future for all, no matter where they live.”
J.P. Morgan said that it contemplated another $1 billion in capital as philanthropic groups and other pecuniary organizations join the efforts. It’s the biggest such announcement from the bank to la mode. Its Detroit plan started at $100 million and later grew to a $150 million layout.