New Delhi: Not just jobs are affected when an investment bank of Lehman Brothers Holdings Inc.’s size folds. Its philanthropic arm, Lehman Brothers Foundation, through a three-year, $300,000 (Rs1.35 crore) grant, is supporting a project run by London-based Sightsavers International to reduce avoidable blindness in two districts in India and some rural areas of China.
Sightsavers International works to combat blindness, as well as support the blind in developing countries. The charity said it was confident that funds for the project will not be a problem. “Our funding from Lehman Brothers comes from the foundation and so is not part of the actual business,” Neil Thorns, communications head at Sightsavers International said by email.
“Our current funding from them is coming to an end this year and we are hopeful that it will be renewed. If not, we are confident we can provide funding from other sources.”
The Lehman Brothers Foundation makes grants in the Americas and Asia-Pacific for projects that serve poor children and youth, address health care issues, support artists and provide emergency relief. A separate arm makes grants for projects in Europe.
The Lehman Brothers website said the project to combat blindness has helped many people. “Since our partnership with the Lehman Brothers Foundation began in 2005, the foundation’s support has helped more than 410,000 people in India and China to access the eye care that they need to stay free from disability,” said Sightsavers International chief executive Caroline Harper in a statement posted on the website.