DETROIT (CBS DETROIT/ AP) — Exceeding its initial 5-year, $150 million investment to Detroit, JPMorgan Chase is upping its commitment to Detroit’s economic recovery by another $50 million. The bank said Wednesday it expects to reach $200 million by 2022.

The new investment “will help the system work for more people — giving more Detroiters access to the tools they need to succeed, stay and benefit from Detroit’s continued recovery,” says JPMorgan Chase Chief Executive Jamie Dimon.

The investments are also expected to help break down barriers. This way more long-term city residents — especially black Detroiters — can access job training, become homeowners and grow small businesses.

The bank says that through its programs about 13,500 residents have received job training for high-demand industries.

© 2019 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this story.