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NEWPORT BEACH, Calif., June 17, 2019 (GLOBE NEWSWIRE) -- The PIMCO Foundation, the philanthropic arm of one of the world’s premier fixed income investment managers PIMCO, has awarded $2 million to The Global FoodBanking Network (GFN). This grant will support the organization’s Powering Food Banks for Growth and Impact program, which serves more than nine million people around the world facing food insecurity.
PIMCO’s donation will support 70,000 vulnerable people in Ecuador, Guatemala, Honduras, Peru and India, facing hunger each year. The grant will also support the expansion of GFN’s program to Southeast Asia, where GFN will seek to provide hunger relief services to 40,000 additional people.
“Tragically, one in nine people around the globe go to bed hungry each night. We have partnered with The Global FoodBanking Network to help address this crisis,” said Emmanuel Roman, Chief Executive Officer of PIMCO and President of the PIMCO Foundation. “PIMCO has made a deep commitment to combatting hunger through our broader corporate responsibility platform, and we are thrilled to support GFN’s valuable work through this grant.”
The food-banking model is a community-based solution to hunger which distributes meals through local charities by recovering wholesome, surplus food. The majority of GFN’s work focuses in low- and middle-income countries. Currently, GFN is present in 30 countries and distributes food and grocery products to more than 55,000 beneficiary organizations through a network of more than 800 food banks globally.
“Our mission is to nourish the world’s hungry through uniting and advancing food banks. We seek to expand the food banking model by supporting our current members and seeding new food banks in communities where they are both needed and can effectively exist”, said Lisa Moon, President and CEO of The Global FoodBanking Network. “We believe that food banking will be one of the many critical solutions to achieving United Nations Sustainable Development Goal 2 of Zero Hunger by 2030. And with this investment from PIMCO, we are now even closer to hitting that mark.”
Other Hunger Focused Giving
This $2 million investment follows a previous $1 million grant from PIMCO to GFN, made in 2018.
PIMCO recently granted over $350k to Community Action Partnership Orange County, and the Orange County Food Bank, which helped purchase and maintain the Food Bank’s first ever mobile food trolley, Clementine. The trolley, launched in March 2019, stocked with fruits, vegetables, dairy products, diapers and formula, and also a library for children, will support un-seen food deserts across Orange County, enabling communities to access affordable and good-quality fresh food.
PIMCO has invested an additional $150k into food banks around the globe where the firm's offices are located including with New York Common Pantry and the Central Texas Food Bank in Austin, TX.
PIMCO is one of the world’s premier fixed income investment managers. With its launch in 1971 in Newport Beach, California, PIMCO introduced investors to a total return approach to fixed income investing. In the 45+ years since, the firm continued to bring innovation and expertise to our partnership with clients seeking the best investment solutions. Today PIMCO has offices across the globe and 2,500+ professionals united by a single purpose: creating opportunities for investors in every environment. PIMCO is owned by Allianz SE, a leading global diversified financial services provider.
About the PIMCO Foundation
The PIMCO Foundation is the philanthropic arm of PIMCO, based in Newport Beach, California. PIMCO’s community engagement platform, known as Purpose at PIMCO, focuses on hunger and gender equality with the belief that these are fundamental issues critical to human development and sustainable worldwide economic growth. It carries out its mission by identifying areas of urgent community need and volunteering time and financial resources to support high impact programs and innovative nonprofit organizations.
About The Global FoodBanking Network
The Global FoodBanking Network (GFN) is an international non-profit organization based in Chicago that nourishes the world’s hungry through launching and strengthening food banks in 30 countries. GFN focuses on combating hunger and preventing food waste by providing expertise, directing resources, sharing knowledge and developing connections that increase efficiency, ensure food safety and reach more people facing hunger. Last year, GFN member food banks rescued and redirected food to more than 9 million people facing hunger.
Except for the historical information and discussions contained herein, statements contained in this news release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may involve a number of risks, uncertainties and other factors that could cause actual results to differ materially, including the performance of financial markets, the investment performance of PIMCO's sponsored investment products and separately managed accounts, general economic conditions, future acquisitions, competitive conditions and government regulations, including changes in tax laws. Readers should carefully consider such factors. Further, such forward-looking statements speak only on the date at which such statements are made. PIMCO undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements.
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