September 12, 2018 (New York, NY) – JPMorgan Chase today announced the creation of AdvancingCities, a new $500 million, five-year initiative to drive inclusive growth and create greater economic opportunity in cities across the world. AdvancingCities applies insights from JPMorgan Chase’s proven model for impact in Detroit, Chicago and Washington, D.C., and combines the firm’s lending capital, philanthropic capital and expertise to make investments in cities.
Based on the firm’s previous experience, JPMorgan Chase expects its AdvancingCities investment to attract an additional $1 billion in outside capital, resulting in a total of $1.5 billion directed to efforts that will increase inclusive growth in cities. The firm will invest in cities where conditions exist to help those who have not benefited from economic growth.
Read the full press release for more details.