NEW YORK--(BUSINESS WIRE)--May 27, 2008--The Nike Foundation and
Peter and Jennifer Buffett, co-chairs of the NoVo Foundation,
announced today an innovative collaboration to invest in "the girl
effect": the ability of adolescent girls in developing countries to
bring unprecedented social and economic change to their families,
communities and countries.
In impoverished communities, lack of resources drives girls out of
school and into early marriage, childbirth, and HIV infection at rates
dramatically higher than boys. The results are irreversible for girls,
and devastating to communities caught in intergenerational cycles of
poverty. Yet when girls gain a different path - supported, educated
and empowered - everyone benefits.
"If there's a time to act in the fight against poverty, it's when
a girl stands at the crossroads of adolescence - yet today less than
half a cent of every dollar spent on international assistance programs
is invested directly in girls. We believe the girl effect deserves
more attention," said Maria Eitel, president of the Nike Foundation.
"We are extremely excited that Peter and Jennifer Buffett recognize
the potential of the girl effect and have chosen to collaborate with
us to invest in girls, identify and scale best practices and champion
the global girl effect."
"Investing in the girl effect offers the potential for tremendous
economic impact, which leads to more stability, less poverty and more
opportunity for economic growth," Peter Buffett said. "Just one
component of the girl effect - the increase in family income
associated with an additional year of a girl's education - nets more
than a 40-fold return according to conservative calculations. The
intergenerational benefits, however, go far beyond this to impact a
range of issues including declining fertility rates and improved
health and nutrition for the next generation. That's a return on
investment we can't ignore."
The Nike Foundation's work has been building the case for
international investment in girls through its unique portfolio that
funds new approaches, creates funding pipelines, nurtures models for
scale and replication, makes girls a priority of institutions and
proves the girl effect. The Nike Foundation leverages the Nike brand's
drive for innovation and positive change, and its ability to inspire
both. The NoVo Foundation seeks to foster a transformation in global
society from a culture of domination and exploitation to collaboration
and partnership. The NoVo Foundation brings resources, a commitment to
the empowerment of women and girls, and a unique ability to catalyze
further investments in this effort.
"Educating a girl is just the start. To make it work, a girl needs
a safe environment, her identity secured with basic things like a
birth certificate, and skills that allow her to participate in the
formal economy. With these, an adolescent girl in the developing world
is a force for change," Jennifer Buffett said. "She will help
stabilize her family, contribute to a healthier community and create a
stronger economy. But without these she doesn't stand a chance--and
neither does her future family."
The NoVo Foundation has committed $45 million over three years.
This represents the NoVo Foundation's largest grant since it received
a pledge of Berkshire Hathaway stock, worth over $1 billion, from
Peter Buffett's father, Warren Buffett. NIKE, Inc. (NYSE:NKE) is also
announcing today an additional $55 million investment in the Nike
Foundation through fiscal year 2011 in addition to the $36 million
already invested in the Nike Foundation to date for programs
supporting girls in countries such as Ethiopia, Kenya, Bangladesh,
Liberia and India.
Funds from NoVo and NIKE, Inc. will be managed by the Nike
Foundation, which has focused on the issue of girls and poverty since
2004. Together, their goal is to mobilize exponentially more resources
from public and private sources directly to adolescent girls through
advocacy, awareness and impactful programs.
One model being supported is BRAC in Bangladesh, one of the first
joint investments. Over the last three years, BRAC has demonstrated
the ripple impact of providing adolescent girls with safe
environments, informal education and economic resources. Nearly
400,000 girls have participated and they are 40 percent more likely to
have saved money and 40 percent more likely to have taken a loan than
non-participants. With Nike and NoVo capital, BRAC will be able to
build this innovative model inside Bangladesh while piloting models in
Tanzania and Uganda.
Another is Instituto Promundo in Brazil, which demonstrates the
new, creative approaches that are changing lives. The program focuses
on shifting attitudes held by men and boys - a crucial population in
the foundations' focus on girls. Through workshops and communications
campaigns with men and boys, Instituto Promundo shifted the attitudes
that endanger the health and safety of adolescent girls. With NoVo and
Nike's support, this work is expanding to India, and includes fathers
as well as peers.
"Global research and experience show that investing in girls and
creating the girl effect may be the most powerful missing piece to the
poverty alleviation puzzle," Eitel said.
About Nike and the Nike Foundation
NIKE, Inc. (www.nikebiz.com) based near Beaverton, Oregon, is the
world's leading designer, marketer and distributor of authentic
athletic footwear, apparel, equipment and accessories for a wide
variety of sports and fitness activities. The Nike Foundation
(www.nikefoundation.org) is a non-profit organization supported by
NIKE, Inc., that is dedicated to investing in adolescent girls as the
most powerful force for change in the developing world.
About the NoVo Foundation
NoVo Foundation (www.novofoundation.org) seeks to support the
development of capacities in people - individually and collectively -
toward a caring and balanced global society that operates on the
principles of mutual respect, partnership, and civic participation. It
places a strong emphasis on the advancement of girls and women, as
well as educational approaches that foster a clear and compassionate
view of the world. NoVo is funded by investor Warren Buffett and is
chaired by his son and daughter-in-law, Peter and Jennifer Buffett.
About girleffect.org
girleffect.org tells the story of girls creating a ripple impact
on their families, communities and nations. Created by the Nike
Foundation, it provides the tools for girl champions to spread the
word.
About Girls Count
Girls Count: A Global Investment and Action Agenda provides a
compelling starting point for country-specific agendas to recognize
and foster girls' potential. This report identifies priority actions
and investments that can and should be taken by governments, civil
society, development agencies, and the private sector. Girls Count
explores the initial investment, outcomes, and the scale-up costs of
effective in-country programs and demonstrates the difference
girl-specific approaches can make. Released in January 2008 by the
Center for Global Development, International Center for Research on
Women and Population Council, Girls Count brings together the best of
what's known about the lives of girls in developing countries. To
download the report, please visit
www.cgdev.org/content/publications/detail/15154.
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CONTACT: NIKE, Inc.
New York Media Relations, 212-367-4447
SOURCE: NIKE, Inc.