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| Additional 3.5 billion brings recovery support commitment to 13.5 billion |
TOKYO, Apr 17, 2015 - (JCN Newswire) - Mitsubishi Corporation (MC) announces its decision to provide an additional 3.5 billion yen, channeled through its incorporated public interest body, Mitsubishi Corporation Disaster Relief Foundation (MCDRF), for the continuation of recovery support efforts in Tohoku for another five years from fiscal year 2015. This additional contribution brings MC's total financial commitment to recovery efforts to 13.5 billion yen, of which 10 billion is being dispatched through MCDRF.
Shortly after the Great East Japan Earthquake and Tsunami of March 11, 2011, MC responded by setting up the Mitsubishi Corporation Disaster Recovery Fund to provide support for recovery and rehabilitation in the areas affected by the disaster over four years. The 10 billion yen Fund, set up on March 4, 2011, was followed by the founding of MCDRF in March 2012, and has provided some 6.5 billion yen in recovery support via MCDRF to date. Going forward, recovery support initiatives will maintain the focus on scholarships for students (with an additional year of support for current recipients), MC Group staff volunteer activities, and collaboration with local financial institutions to invest in local businesses in an effort to generate employment and revive local local industry. Also taking shape is a new phase of initiatives that provide support for 'sixth industry' business development in Fukushima Prefecture
Over four years have passed since the Great East Japan Earthquake and Tsunami, but recovery in the areas severely affected by the disaster is still mfar from complete. MC and MCDRF remain firmly committed to playing a role in boosting revitalization in the region.
Breakdown of MCDRF Contributions (Japanese Yen)
1.Provision of Scholarships for University Students
A total of 3,695 students have been awarded scholarships amounting to approximately 4.5 billion yen.
2. Support Recovery Grants
A total of 425 not-for-profit bodies received grants amounting to approximately 1 billion yen.
3. Industry Revival and Job Creation
Forty four business operators in areas affected by the disaster have received approximately 2 billion yen in loans and investment through MC's recovery support initiatives.
4. Sixth Industry Fruit Farming Project in Fukushima
MC is now partnering with the government of Koriyama City and local farmers in Fukushima to facilitate the production of wines and liqueurs from locally grown fruit. The project includes the construction of a distillery, slated to start this spring and finish in autumn, with production to commence soon after.
Mitsubishi Corporation Disaster Relief Foundation
1. Headquarters:2-3-1 Marunouchi, Chiyoda-ku, Tokyo
2. Date Founded:March, 2012 (became a foundation May 2012)
3. Endowment:6 billion yen
4. Purpose:
To contribute to the recovery of regions affected by the Great East Japan Earthquake through the provision of scholarships for university students and grants for NPOs and social welfare organizations, as well as for industry revival and job creation.
5. Representatives:
Chairman, Ken Kobayashi (President and CEO, MitsubishiCorporation)
Deputy Chairman, Yasuhito Hirota (Executive Vice President, Mitsubishi Corporation)
Executive Director, Yoshiyuki Nojima (General Manager, CSR and Environmental Affairs Department, Mitsubishi Corporation)
For more information, visit the MCDRF website at www.mitsubishicorp-foundation.org
Contact:
Mitsubishi Corporation
Telephone:+81 3 3210 2171
Facsimile:+81 3 5252 7705
Topic: Press release summary
Source: Mitsubishi Corporation
Sectors: CSR
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From the Asia Corporate News Network
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