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printMar 03, 2008
As part of the firm’s commitment to microfinance projects, JPMorgan Chase, working with the China Foundation for Poverty Alleviation, recently organized a tour of a Chinese microfinance program for reporters from five Asian newspapers.
The journalists met with the government’s Poverty Alleviation Department and learned about various programs introduced to attack the roots of poverty in Huai’an County in rural China.
Microfinance programs use small, low-interest loans to help individuals get out of poverty.
In addition to its support of the tour, JPMorgan also recently pledged a $33,750 contribution to support microfinance in Huai’an County.
Half the funding will be used as a principal loan to farmers to support agricultural activities including raising livestock and opening small businesses. The rest is earmarked for various training programs benefiting area farmers.
Charles Li, chairman of JPMorgan China, said microfinance is an effective way to fight poverty.
"We firmly believe that a well-managed microfinance program will go a long way to help China in achieving its strategic objectives of a more balanced and more sustainable development model, narrowing the economic disparities between the coastal and the inner regions, between the urban and the rural areas and between the rich and the poor," he said.
Because of its contributions, JPMorgan received an award from the China Foundation for Poverty Alleviation, one of the largest charitable organizations in China.
Li said the firm’s efforts help to establish JPMorgan Chase as a leading corporate citizen.
"As we continue to build our franchise in China, we will continue to seek opportunities to contribute our unique capabilities and resources to the dynamic and rapidly changing societies of China."