Citigroup Approved on New Lending of $6 billion

On Tuesday, Citigroup Inc. has approved a new lending initiatives of  $6 billion during the second quarter. This was done as part of its programs supported by the government bailout fund.

Citigroup now approved $50.8 billion in lending programs in part of receiving money  for the Troubled Asset Relief Program. the Treasury Department introduced this the program last fall to help level the lending markets  due to the credit problems.

TARP gave $45 billion since last October. 34% of it was converted to ownership stake for the government.

Citigroup agreed on 15.1 billion dollars on lending of the money approved, to expand its lending efforts.