SNF Initiative Helped Mitigate Greek Crisis, Evaluation Finds

The Stavros Niarchos Foundation's three-year, €100 million ($130 million) initiative to alleviate the effects of the socioeconomic crisis in Greece has benefited nearly half a million people, an evaluation by Deloitte finds.

The evaluation (executive summary, 7 pages, PDF) of the foundation's Initiative Against the Greek Crisis found that of the more than 200 grants awarded, 90 percent of the grant dollars supported social welfare (€65.6 million) and healthcare (€23.4 million) programs, while the remainder was allocated to education (€8.1 million) and arts and culture (€1.7 million). The study also found that the estimated 470,000 beneficiaries of those grants included children and youth, the elderly, immigrants and refugees, and people with disabilities; that about 80 percent of the grants were aimed at combating social exclusion, assisting overburdened households, and providing food aid to underprivileged social groups; and that the funds helped create or sustain an estimated 3,000 jobs and generated an economic impact more than double the dollar amount of the grants.

With the dual goal of providing immediate assistance to those most in need and ensuring long-term results, the foundation allocated 70 percent of the grant dollars awarded through the initiative to program support, 13 percent to general operating support, 13 percent for construction and renovation, and 3 percent for equipment and vehicles. The evaluation also found that 70 percent of the grantees reported that without the foundation's intervention, their organizational viability would have been at risk, while a large majority of grantees indicated that SNF funding was helpful in attracting additional grants.