CHICAGO, May 7, 2021 /PRNewswire/ -- The partners of Citadel and Citadel Securities today announced new commitments totaling $5.5 million to increase the supply of medical oxygen in India. As the nation experiences a devastating surge in COVID-19 cases, the demand for medical oxygen has risen to unprecedented levels.
The grants from Citadel and Citadel Securities, the Bill & Melinda Gates Foundation and Gates Philanthropy Partners have been directed to the global health nonprofit PATH. They will be used to support near-term, critical needs while also building infrastructure that will be beneficial far beyond the current pandemic.
"Our hearts go out to the people of India as they battle this devastating surge in COVID-19," said Ken Griffin, Founder and CEO of Citadel. "We are proud to continue accelerating impactful solutions to address urgent needs during the pandemic."
"Lack of access to medical oxygen is one of the defining health challenges of our age," said Chris Elias, President of Global Development at the Bill & Melinda Gates Foundation. "As we are now seeing in India, the consequences can be dire, which is why we must come together with others to help address this important issue both during the current crisis and beyond."
Citadel and the Gates Foundation have partnered with PATH, an organization that works with governments, businesses and other organizations to solve the world's most pressing health challenges. PATH is currently coordinating with multiple state governments in India to address the oxygen shortage, while also providing the technical expertise required to set up oxygen-generating plants at healthcare facilities.
"PATH is responding to the urgent COVID-19 crisis in India and globally, including monitoring medical oxygen demand, increasing access to vaccines and strengthening disease surveillance," said Nikolaj Gilbert, President and CEO of PATH. "Our impact hinges on the generosity of our partners. We are grateful for the support Citadel and the Bill & Melinda Gates Foundation have shown so that we can continue our lifesaving work where it is needed most."
Citadel is one of the world's leading alternative investment managers. Citadel manages the capital of prominent investors from around the world, including retirement programs, endowments and foundations, and sovereign wealth funds. For more information, visit www.Citadel.com.
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SOURCE Citadel; Citadel Securities