The PIMCO Foundation in Newport Beach, California, has announced a five-year, $10 million commitment to the Global FoodBanking Network (GFN) in support of efforts to improve access to food in communities facing hunger and poverty.

The largest investment in the foundation's twenty-year history will support local organizations best positioned to address the root causes of hunger and improve food security for those living in or close to poverty by distributing 17.9 million kilograms (nearly forty million pounds) of food globally. The effort builds on an earlier three-year partnership in which investments totaling $3.5 million enabled GFN to expand food access to more than three million people.

In addition, PIMCO CEO Emmanuel Roman and CIO Dan Ivascyn have pledged to donate $5 million each to charities working to alleviate food insecurity and its impacts, including GFN.

"Food security is essential for societies and economies to thrive," Roman and Ivascyn said in a statement. "While our investments are just one humble contribution in global efforts to eradicate hunger, we believe we can have a real impact by supporting organizations like GFN to help supply a reliable source of food to communities in need."

"As the number of people facing hunger has skyrocketed across the globe because of COVID-19, food banks worldwide have faced unimaginable demand," said GFN president and CEO Lisa Moon. "The Global FoodBanking Network has proudly stood alongside our food bank partners throughout this crisis. However, our response has only been possible thanks to the unwavering support that we have received, in turn, from the PIMCO Foundation, whose belief in our mission shines through in this historic new partnership."

(Photo credit: Global FoodBanking Network)