United States: Bank of America raises plan to boost racial equality and economic opportunity by 211 million

Madrid, April 5. (Europe Press) –

Bank of America has raised its plan to encourage and improve racial equality and economic opportunity in the United States by $ 250 million (211 million euros) through a series of direct investments and measures, it said Monday in a statement.

The initial plan, unveiled in June 2020, was to allocate $ 1,000 million (€ 847 million) over four years to these goals. On Monday, the financial institution raised its program to a total of $ 1,250 million (€ 1058 million) over five years.

Out of the first billion, the company has already mobilized 350 million (296 million euros) in areas such as health, job training, affordable housing and small businesses.

Bank of America clarified that the new resources will be used for new investments that address “racial justice” as well as “advocacy and equality” for individuals and communities classified on the basis of race, particularly those of Asian descent.

In recent months, there has been an increase in racist attacks on members of the Asian community in the United States. The non-governmental organization Stop AAPI Hate, which tracks events and attacks against Asian-American citizens, published its latest report on 3,800 complaints last year.

“The urgency we feel to resolve long-term issues such as inclusion and racial equality only increased after the attacks and hate speech directed against Asians last year,” said Bank of America President and CEO Brian Moynihan.

“Across the public and private sectors, it is clear that we have to do more,” the executive added.