Global Citizen, an international nonprofit aiming to help end poverty, said on Monday it plans to launch six funds of up to $1 billion each focused on generating environmental and social impact in the developing world.
The Global Citizen Impact Funds aim to help plug a large gap in funding for poorer countries struggling to meet the United Nations 2030 Sustainable Development Goals, which include providing access to clean water and fighting climate change.
The world's poorest countries need close to $400 billion annually in external finance to meet those goals, but currently get only a fraction of that, Global Citizen's Chief Policy Officer Mick Sheldrick said.