Citi Foundation, the philanthropic arm of Citibank, has announced its first-ever Global Innovation Challenge in support of nonprofits around the world that are developing innovative solutions to improve food security.

The challenge will provide a total of $25 million to 50 organizations working to support the piloting or expansion of ideas and projects that are designed to address food security and strengthen the physical and financial health of low-income families and communities. A recent study from Citi Global Perspectives & Solutions found that the estimated impact of malnutrition on the global economy could be as high as $3.5 trillion per year—or close to $500 for every individual on the planet—stemming from record-high food prices and other macroeconomic factors that have led to civil unrest, global displacement and more.

To help address global malnutrition, the foundation will prioritize projects that bolster access to affordable and healthy food, improve food affordability through community finance efforts that help reduce the financial burden on low-income communities, improve the availability of food in the supply chain, and increase resources that enable low-income communities to more effectively prepare for and respond to disruptions in food security during crises.

“Far too many families around the world face the daily struggle of not knowing when and where their next meal will come from,” said Brandee McHale, president of the Citi Foundation and head of Citi Community Investing and Development. “We understand the economic factors that contribute to this ever-growing crisis, and our goal with this RFP is to help empower diverse, mission-driven nonprofits that are pioneering game-changing, scalable solutions in their communities.” 

(Photo credit: Getty Images/Djordie Djurdjevic)