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US says funds raised for Shanghai Expo pavilion
2010. 7 April
by Elaine Kurtenbach
(forbes.com)
Organizers for the USA Pavilion at the Shanghai Expo say they have met a $61 million fundraising target after a struggle to win corporate support in hard times but would welcome more money to help improve entertainment.
A $5 million sponsorship by Citigroup Inc. announced Wednesday means the pavilion is fully funded, said Jose Villarreal, the San Antonio, Texas-based lawyer who is serving as commissioner general of the USA pavilion.
"By no means am I saying we won't take any more money," Villarreal told reporters. "We continue to receive expressions of interest and every dollar we raise will allow us to enhance the entertainment aspect of our offering."
USA Pavilion organizers received no government money and struggled to get recession-stricken companies to commit to the event, which opens May 1 and is projected to attract 70 million visitors.
Organizers appealed to Secretary of State Hillary Clinton, who helped to win over many sponsors, Villarreal said.
Citigroup joins Wal-Mart, PepsiCo, Microsoft, Johnson & Johnson, General Electric, among others, in becoming a major sponsor. Citigroup reported a $7.77 billion fourth-quarter loss due to failed loans and the costs of repaying $20 billion in government bailout money.
"The U.S. pavilion will nurture even greater understanding between the peoples of our two great nations, and the Citigroup is proud to be part of that process," said Andrew Au, chief executive officer for Citi China.
About one-third of the $61 million budget paid for the building, which includes several large halls that will seat hundreds of people at a time. Roughly another third paid for multimedia shows that will run during the six-month event, said Tom Cooney, deputy commissioner general for the pavilion. The rest will pay operating costs and the expenses of the pavilion's American student volunteers and entertainers.
Artists due to perform there include jazz legend Herbie Hancock, jazz singer Dee Dee Bridgewater and hybrid rockers Ozomatli.
"Jazz music was invented in the United States. We think it's a great example of American society and culture," Cooney said.
Associated Press researcher Ji Chen contributed to this report.
Source: www.forbes.com