Newport Beach, California (May 21, 2018) – PIMCO, one of the world’s premier fixed income investment managers, today unveiled its partnership with The Global FoodBanking Network (GFN). GFN is a global nonprofit organization that alleviates world hunger through launching and strengthening food banks. GFN works in more than 30 countries, principally emerging market economies, and offers expertise, resources and connections that give food banks what they need to procure surplus food from waste and serve hungry and food-insecure communities around the world.
This new partnership will predominantly support GFN’s Powering Food Banks for Growth and Impact program. The program provides intensive resources and expertise to GFN food banking organizations that are poised for growth, ultimately helping them build the capacity to source more food and reach more people facing hunger. Through the partnership, PIMCO employees will also have the opportunity to leverage their expertise and skills to address targeted needs across the global GFN network.
“Our employees have long supported efforts to alleviate hunger in the communities where we live and work, and this new partnership will allow us to reach even more people in need,” said Emmanuel Roman, PIMCO’s Chief Executive Officer and Managing Director. “By working together with GFN, we are supporting the creation of new food banks where they are most needed and accelerating the development and efficiency of food banks where they already exist, improving their sustainability and long-term impact.”
Last year, 794 GFN member food banks across 32 countries rescued more than 940 million pounds of food and redirected it to nearly 44,000 social service and community based organizations. These organizations provided food and meals to more than 7.1 million people in need.
“One in nine people around the globe suffers from hunger. Through the food bank model, we have the opportunity to provide access to the wholesome meals that millions of people so desperately need,” said Lisa Moon, GFN President and Chief Executive Officer. “Thanks to PIMCO’s support and partnership, food banks around the world will be better equipped to operate at scale and to serve more food insecure and struggling communities.”
Approximately 815 million people in the world suffer from hunger, while roughly one-third of all food produced for human consumption is lost or wasted every year. GFN member food banks rescue edible, non-saleable food before it is wasted and distribute it to feed hungry people through social service organizations.