The not-for-profit organisation will be led by former editor-in-chief of The Independent, Simon Kelner, who becomes founding chief executive.
It launches with two initiatives, said to show the scope and range of its work. It will establish the first practical training courses for journalists in Tunisia, designed to teach local journalists how to report in a free and open society.
Another project will result in The Journalism Foundation supporting a grass roots website in an effort to increase interest in local politics in the British town of Stoke-on-Trent.
The site, , was set up in response to a lack of coverage of local council matters, and the Foundation is supporting its development with the aim of bolstering public engagement in the area.
Kelner said he was "delighted" to be leading the initiative, which is born amid unprecedented allegations of malpractice and criminality within journalism, in the wake of hacking revelations at News International.
The 54-year-old industry figure believes the Foundation will help highlight how "journalism can be a force for good by supporting initiatives that have a direct and positive effect on people’s lives".
The Journalism Foundation launches in partnership with London’s acclaimed City University, and with the backing of many prominent defenders of a free press, including author Salman Rushdie and writer and campaigner, Jemima Khan.
The initial launch has been financially supported by the Lebedev family, reportedly worth more than £1.2 billion, and features a board of Trustees chaired by Evgeny.
Joining the Russian proprietor on the board are Baroness Kennedy, the human rights lawyer, Lord Fowler, former chair of the House of Commons media select committee, and Sir John Tusa, former director general of BBC World Service.
Evgeny Lebedev said: "At a time when, quite rightly, a light is being shone on malpractice in some areas of the British Press, I am delighted to give my backing to an initiative whose purpose is to demonstrate the positive aspects of journalism.
"Free speech has always been a touchstone issue for me, and an organisation intent on giving people around the world a voice is worthy of widespread support."
Alexander Lebedev added: "I am delighted the Journalism Foundation is launching. For over 20 years I have argued that democracy cannot flourish in countries without a free press. And it is only by championing brave, investigative journalists across the globe that international corruption can be tackled effectively.
"Now more than ever, we must support journalists who hold the powerful to account – and I am certain this foundation will do that brilliantly.
It is unlcear how much the Lebedevs have initially invested in the new body, or if plans to dovetail with any of the existing international organisations already operating within the space.
The Journalism Foundation is said to be seeking new projects to invest in and new partners to help fund those projects and can be contacted via the website .
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