Scotiabank launches $500-million ScotiaRISE initiative to improve job and educational prospects

Over the next 10 years, ScotiaRISE will invest in improving high school graduation rates, helping newcomers secure better jobs, and “removing barriers to career advancement” for oppressed groups.

Why It Matters

Major financial institutions are warning that the COVID-19 pandemic’s economic downturn will not abate once case counts drop. The virus will have severe, long-term impacts on workforce improvement and training prospects in Canada and around the world.

As the COVID-19 pandemic enters a troubling new phase, Canada’s third-largest bank is promising to invest $500-million over the next decade into charities and non-profits focused on promoting “economic resilience” among disadvantaged groups. 

“ScotiaRISE is designed to give greater access to opportunities that help more people, households, and communities across our footprint participate more fully in the economy,” said Brian Porter, president and CEO of Scotiabank, in a statement on Tuesday morning. 

This new initiative is promising to invest in charities and non-profits focused on educational outcomes, including the improvement of high school graduation rates and post-secondary enrollment. It also plans to fund projects that help newcomers more easily secure jobs they are qualified for upon arrival in their new homes, and help oppressed groups advance more

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