DFC to support Citibank in its African risk markets

Over the next three tax years, the New York-based banking giant – with more than $1.9tn in assets – plans to spend $49m on several of its subsidiaries in sub-Saharan Africa and the Middle East. These capital investments, made by parent company Citibank, N.A., will be allocated to subsidiaries in five countries – Algeria, Lebanon, DR Congo, Zambia and Tanzania – which are considered risk markets for the group. The bank had not responded to our requests for information concerning how these funds would be distributed by the time of publication.