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The establishment of the Genesis Prize, which is being touted as a “Jewish Nobel Prize” and worth $1 million, has been announced.

The international prize was announced June 26 in a statement from the office of Israeli Prime Minister Benjamin Netanyahu that included Jewish Agency Chairman Natan Sharansky and Genesis Philanthropy Group founder Mikhail Fridman.

The prize will be awarded to Jews who win global recognition for their achievements in the fields of science and the arts.

The Genesis Philanthropy Group, which is composed of several oligarchs from the former Soviet Union who are committed to building the Russian-speaking Jewish diaspora, will fund the prize. Israel’s prime minister will award the prize at an annual ceremony to be held near Passover.

A selection committee made up of retired judges and diaspora Jewish community leaders, as well as representatives from the Prime Minister’s Office and the Genesis group, will choose the winner in a multistage process. — jta