Extraordinary Times Demand Extraordinary Acts -- The Stavros Niarchos Foundation Commits $130 Million to Help Ease the Adverse Effects of the Current Crisis in Greece

ATHENS, Greece, Jan. 23, 2012 /PRNewswire/ -- The Board of Directors of the Stavros Niarchos Foundation, concerned with the socio-economic crisis in Greece, has committed up to $130 million (euro 100 million) over the next three years to help ease the adverse effects of the deepening crisis. This decision comes on the heels of a $1.9 million (euro 1.5 million) grant supporting a series of pilot programs addressing the country's mounting social needs.

The Foundation's purpose and philosophy, which focuses on vital issues in Greece as well as the rest of the world, remains to complement rather than replace the work of  state and institutional organizations. Funds will be made available only to grantees that have the capacity and ability to utilize them effectively.

"The crisis is rapidly reversing decades of economic growth," stated Andreas C. Dracopoulos, Co-President and Member of the Stavros Niarchos Foundation Board. "Our commitment is to those most in need but is also a promise to future generations. Not only do we intend to offer immediate relief by funding social welfare and health programs, but we will invest in educational programs that should help ensure that the current crisis does not condemn future generations. We hope that today's announcement will inspire many other organizations and individuals that can and must help to do the same."

The Foundation has already received inquiries from individuals, who inspired by its initiatives, have expressed their willingness to co-invest together with the Foundation toward this effort and the future of Greece.

Today's announcement comes as the Stavros Niarchos Foundation Cultural Center (SNFCC) in Athens, by far the Foundation's largest single gift (euro 566/$790 million), approaches the beginning of the construction phase, with excavation works already in progress at the site. The Stavros Niarchos Foundation firmly believes that the project is of national importance, even more so under the current socio-economic conditions. It remains a testament and a commitment to the country's future, at a critical historical juncture. It is also an engine of short- to mid-term economic stimulus, which is essential under the current circumstances.

The Stavros Niarchos Foundation (www.SNF.org) is one of the world's leading international philanthropic organizations, making grants in the areas of arts and culture, education, health and medicine, and social welfare. The Foundation funds organizations and projects that exhibit strong leadership and sound management and that have the potential to achieve a broad, lasting and positive impact. The Foundation also seeks actively to support projects that facilitate the formation of public-private partnerships as effective means for serving public welfare.

From 1996 until today, the Stavros Niarchos Foundation has approved grant commitments of euro 948 million/$1.242 billion, through 2,115 grants to nonprofit organizations in 100 nations around the world. Out of the Foundation's total grant commitments, 79% of funds have been directed to organizations and initiatives in Greece, through 1,013 grants.

SOURCE Stavros Niarchos Foundation