The Carnegie Foundation (Dutch: Carnegie Stichting) is an organization based in The Hague, Netherlands. It was founded in 1903 by Andrew Carnegie in order to manage his donation of US$1.5 million, which was used for the construction, management and maintenance of the Peace Palace. The Peace Palace was built to house the Permanent Court of Arbitration and a library of international law. The Foundation became the legal owner of the Peace Palace because the Permanent Court of Arbitration, which is based there along with its library, could not own the building under Dutch law.