Private philanthropic foundations are steadily increasing their contributions to development finance, reaching an annual average of $8.2 billion in 2018-2019, according to data from the Organisation for Economic Co-operation and Development.
Like other major private corporations, financial services companies engage in development financing; most commonly by grant-making via corporate social responsibility programs or setting up a foundation.
In 2019, three major global grant-making financial services foundations — the Citi Foundation, Mastercard Foundation, and UBS Optimus Foundation — contributed over $400 million in development grants.