The Nobel Foundation is a Swedish organization established in 1900 to manage the finances and administration of the Nobel Prizes. These prestigious awards are given annually in recognition of outstanding contributions in fields such as Physics, Chemistry, Medicine, Literature, and Peace. The foundation was created based on the will of Alfred Nobel, a Swedish inventor and philanthropist. The foundation's primary role is to ensure that the Nobel Prizes are awarded according to Nobel's wishes. It oversees the selection process, manages the prize funds, and organizes the award ceremonies. The foundation also promotes the ideals of Alfred Nobel and supports various initiatives related to the prizes.