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Peter Buffett Teams With Nike for $100M Investment in the "Girl Effect"

Warren Buffett's son Peter sees a bright future for the "girl effect."

Today, he and his wife are joining with Nike in a $100 million investment to help "adolescent girls in developing countries bring unprecedented social and economic change to their families, communities and countries."

The Buffetts' NoVo Foundation has committed to providing $45 million dollars over three years. That's NoVo's largest grant since Warren Buffett agreed to give his son's foundation over $1 billion in Berkshire Hathaway stock.

The Nike Foundation will also provide $55 million through its 2011 fiscal year. That's in addition to the $36 million Nike has already devoted to the cause, which it has supported since 2004. Funds from both foundations will be managed by the Nike Foundation.

What is the "girl effect?" The Nike Foundation describes it in a news release as "the powerful social and economic change brought about when girls have the opportunity to participate in their society."

"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."

(For additional info: Media kit, Center for Global Development's 'Girls Count' Report, and Girl Effect web site.)

Peter Buffett is a New York-based musician with a large social conscience to go along with his extensive discography.

For more on what he's been up to, see the WBW posts Musician Peter Buffett's Life Lesson from his Father Warrenand Peter Buffett Supports Campaign to End Violence Against Women With a Song.

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