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THE STAVROS NIARCHOS FOUNDATION
COMMITS €100 MILLION
TO A NOVEL INITIATIVE THAT WILL HELP CREATE NEW JOB
OPPORTUNITIES FOR THE YOUTH
IN GREECE
ATHENS, October 4, 2013 —
The Board of Directors of the Stavros Niarchos Foundation (
www.SNF.org ) has announced
a call to action to help create
new opportunities for
Greece’s younger generations, which are severely impacted by
the country’s current and alarming unemployment rate. The
Foundation has committed a long-term grant of €100 million
towards this effort. The unemployment rate for young people
in Greece is more than 60%, according to the latest official
measurement by the Hellenic
Statistics Authority in
August 2013.
“The situation is dire,” stated Andreas C. Dracopoulos,
Co-President and Member of the Stavros Niarchos Foundation
Board. “As labor economists have consistently pointed out,
contrary to any other age group, being unemployed at a young
age continues to impact people throughout most of their
adult lives. We need to recharge the
youth and create prospects now before a generation or
several are lost.”
The Foundation is well-aware that changing the current
landscape cannot be attained through the commitment of funds alone,
however significant they may be. The creation of new
opportunities requires innovation and the collaboration and
convergence of different sectors including public, private,
and philanthropy.
To that end, the Foundation will convene a conference, which
will bring together economists, policy makers, foundations,
NGOs, government officials and businessmen, for the sole
purpose of exploring enterprising initiatives that can lead
to job creation and growth, as well as investigate programs
that provide job opportunities—all promising proposals will
then be implemented effectively and immediately. The
conference will take place in New York City at the beginning
of 2014.
This new commitment comes nearly two years after the
Foundation dedicated a €100 million grant over a three-year
period (2012-2015) to help
ease the adverse effects of the deepening crisis in
Greece. Since
then, and as part of the initiative, the SNF has committed
grants totaling €72.1 million in support of numerous
not-for-profit organizations around the country.
The Foundation’s first €100,000,000 initiative was in its
majority a short-term immediate relief effort, aiming to
help people survive the staggering consequences of the
severe socioeconomic crisis, and withstand the crumbling of
the existing support system. In contrast, the new initiative
is strategic and long-term in nature. The issue at hand is
such that requires long-term planning, research, proactive
engagement, and careful execution, and the development of
new innovative solutions.
Youth unemployment is critically high in Greece, but it is a
serious problem that confronts most developed economies. In
announcing this new initiative, the Stavros Niarchos
Foundation aims not only to help the unemployed youth in
Greece, but also to develop a paradigm, a forum and a debate
on effective ways to address the issue on a much broader
level.
ABOUT THE SNF
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 are expected to achieve
a broad, lasting and positive social 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 $1.39 billion / €1.06 billion,
through 2,511 grants to nonprofit organizations in 109
nations around the world. Excluding the Stavros Niarchos
Foundation Cultural Center (SNFCC), the Foundation’s funding
is equally divided between grants in Greece and
international ones.
The Foundation, concerned with the continuing socio-economic
crisis in Greece, announced in January 2012 a grant
initiative of additional $130 million (€100 million) over
three years to help ease the adverse effects of the
deepening crisis. Since then, and as part of the initiative,
the SNF has committed grants totaling $93.2 million (€72.1
million) in support of numerous not-for-profit organizations
around the country.
The Foundation’s largest single gift ($796 million / €566
million) is the Stavros Niarchos Foundation Cultural Center
(SNFCC), in Athens. Construction works at the site have
already begun. 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.
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