J.P. Morgan invests in new philanthropic initiative in Russia
Oct 28, 2011
J.P. Morgan has started its first major philanthropic initiative in Russia by funding a program to develop an integrated approach to help young adults who grew up under state care to avoid pitfalls as they transition to independent living. Assisting orphanage “graduates” in successfully make this transition is an ongoing issue in Russia, where 700,000 children live under some form of state care.
The Moscow Times covered this milestone, noting that the effort reflects J.P. Morgan’s strategic view of having a positive impact on the communities in which its operates globally. Led by the New Eurasia Foundation, the program aims to design, test and introduce innovative methods to help these young people develop the social skills they’ll need to live on their own.
The project was recently announced at a forum hosted by J.P. Morgan, the New Eurasia Foundation and the Institute for Contemporary Development (INSOR), a nonprofit affiliated with Russian president Dmitry Medvedev. Jeff Costello, J.P. Morgan’s senior country officer for Russia and Ukraine, spoke at the event and underscored the effort’s importance. Attendees included government officials, orphanage directors and representatives of key charities in the field.
The bank opened its first office in the Soviet Union in 1973 and now has 180 employees in Moscow.