Marking Katrina commemoration, Wal-Mart makes $25M commitment to disaster recovery efforts

With the 10th anniversary of Hurricane Katrina approaching, Wal-Mart is announcing a $25 million, five-year commitment to support disaster recovery efforts around the world.

The corporation and its charitable foundation announced the plans Friday in New Orleans, part of more than a week's worth of observances in the city and along the Gulf Coast.

Wal-Mart says in a news release that the commitment includes an initial $500,000 in grants to nonprofits in the Gulf Coast region.

Details of the plan to fund recovery efforts will be discussed at a Friday afternoon forum on Katrina. Participants will include New Orleans Mayor Mitch Landrieu, former Mississippi Gov. Haley Barbour and New Orleans-born musician Harry Connick Jr.