The Open Society Foundations pledged $5.5 million to three non-profit organizations working to strengthen communities and spur economic growth.
The investment by the Open Society Foundations’ Special Fund for Poverty Alleviation will be matched by the federal Social Innovation Fund (SIF) as well as by private dollars.
The support from the Special Fund for Poverty Alleviation aims to foster economic opportunities in low-income communities and help disconnected youth get back on track. Another $4 million will be awarded to additional non-profits in the coming months.
“We want to support a new cadre of groups working to strengthen communities, create good jobs, and help young people succeed,” said George Soros, chairman of the Open Society Foundations. “By combining the resources of philanthropy and the federal government, we can create opportunities and drive more resources to communities in need.”
As part of an effort to fight poverty in the United States, the Open Society Foundations joined SIF on these projects to strengthen the social safety net and create better career pathways through access to quality education and training programs. The joint investment aims to build capacity in the nonprofit sector and foster civic engagement.
Over the past 30 years, George Soros’s Open Society Foundations have given away over $7 billion around the world, including more than $1 billion in the United States, to strengthen communities and promote justice, education, human rights, and public health.