PIMCO Foundation Invests $10 Million with The Global FoodBanking Network
Newport Beach, California (May 28, 2021) – The PIMCO Foundation has announced it will invest $10 million with The Global FoodBanking Network, an international nonprofit organization, to help communities suffering from hunger and poverty gain better access to food. In addition, PIMCO Chief Executive Officer Emmanuel Roman and Chief Investment Officer Dan Ivascyn will give $5 million each personally for a combined investment of $10 million to charities, including GFN, that focus on alleviating the devastation caused by inadequate access to food and resources.
These commitments are part of PIMCO’s philanthropic mission to alleviate hunger by partnering with organizations that can best address its root causes and provide resources and support to bring greater food security to those living in or close to poverty. As Foundation board members, Mr. Roman and Mr. Ivascyn were inspired to personally contribute additional funds at a time when conditions in many communities have worsened significantly due to the global COVID pandemic.
The PIMCO Foundation pledge is the largest philanthropic investment in its 20-year history and follows a successful partnership with GFN over the last three years in which a pragmatic approach of supporting locally-led food banks to combat hunger has made a material difference in the communities where GFN has a presence.
The Foundation’s previous donations of $3.5 million to GFN have helped expand food access to more than 3 million people and in one case, the partnership with GFN helped a local food bank in Indonesia increase its reach from 3,000 people served to 29,000 in just one year. The new funds, which will be deployed over a 5-year period, aim to improve food access by distributing 17.9 million kilograms of food globally.
“Food security is essential for societies and economies to thrive,” says Mr. Roman and Mr. Ivascyn. “While our investments are just one humble contribution in global efforts to eradicate hunger, we believe we can have a real impact by supporting organizations like GFN to help supply a reliable source of food to communities in need.”
“As the number of people facing hunger has skyrocketed across the globe because of COVID-19, food banks worldwide have faced unimaginable demand,” says Lisa Moon, GFN President and Chief Executive Officer. “The Global FoodBanking Network has proudly stood alongside our food bank partners throughout this crisis. However, our response has only been possible thanks to the unwavering support that we have received, in turn, from the PIMCO Foundation, whose belief in our mission shines through in this historic new partnership.”
Four years ago, PIMCO employees selected hunger as a major charitable initiative and the firm has deployed resources and its influence through advocacy to help reduce food insecurity globally. In that time, the firm has leveraged all three approaches – Gives, Acts, Advocates – to help communities locally and globally. Last year, PIMCO invested more than $2 million through GFN and our 14 other charitable partners, which resulted in meals distributed to approximately 1 million recipients. PIMCO employees also volunteered nearly 4,000 hours and raised awareness about how that the alleviation of hunger promotes healthier economies and societies.
