January 9, 2009 
 
The Co-operative Development Foundation of Canada (CDF) has announced an innovative agreement with Citizens Bank of Canada that will provide new resources in the struggle against poverty in the developing world. 
Citizens Bank has agreed to donate $10 to CDF for every $1,000 Registered Retirement Savings Plan (RRSP) contribution made between January 13 and February 29, 2009, up to a maximum of $6,000. 
Since 2005, Citizens Bank, which is owned by Vancity, has contributed $458,000 to the CDF for international development work.
In announcing the agreement, CDF Board Chair Wayne MacLeod described Citizens Bank as one of Canada's most innovative financial institutions. 

"Citizens Bank is the only completely Canadian online bank, but more importantly it has always been a leader in corporate social responsibility and ethical banking practices,” MacLeod said. “This agreement is further proof of their commitment to making the world a better place."

The Co-operative Development Foundation raises money to support the development of co-operatives and credit unions in Africa, Asia, The Americas, and Eastern Europe.  Co-operatives and credit unions have proven to be highly effective and sustainable tools in helping poor people work their way out of poverty.
 The money raised by CDF is primarily used by the Canadian Co-operative Association (CCA), in its efforts to reduce poverty in more than 20 countries around the world.  CCA is a national association representing co-operatives and credit unions in Canada, and is the international development arm of Canada's credit union system.
"We feel fortunate in our ongoing working relationship with the Co-operative Development Foundation because their values truly fit with our own," said Jason Farris, president and CEO, Citizens Bank. "For the past five years, we've been able to support microfinance initiatives in developing countries that allow people to use credit to create economic opportunities. The funding also helps build agricultural co-ops. Supporting microfinance and agricultural co-operatives builds food security, enhances lives, and allows people in rural communities to stay on their land, rather than being displaced to cities."