Bill Gates donates $20 billion to his foundation


  • World
  • Thursday, 14 Jul 2022

FILE PHOTO: Bill Gates, co-chairman of the Bill & Melinda Gates Foundation, attends a news conference at the World Economic Forum 2022 (WEF) in the Alpine resort of Davos, Switzerland May 25, 2022. REUTERS/Arnd Wiegmann/File Photo

(Reuters) - Microsoft Corp co-founder Bill Gates is donating $20 billion to the charitable foundation run by him and his ex-wife Melinda French Gates to boost its annual distributions.

The donation will help the Bill & Melinda Gates Foundation - one of the world's largest private charitable foundations - increase its annual payout by 50% to $9 billion by 2026, he said in a post on his personal blog on Wednesday.

"The great crises of our time require all of us to do more," Gates said, referring to the COVID-19 pandemic, the war in Ukraine and climate change, among others.

He added that the compounding effects of crises, which include surging inflation, had increased the need to invest more in the foundation's core focus areas of health, education, gender equality and poverty alleviation.

The donation brings the 22-year-old organization's endowment to about $70 billion, which includes a grant of $3.1 billion from Warren Buffett last month.

(Reporting by Yuvraj Malik in Bengaluru; Editing by Aditya Soni)

Follow us on our official WhatsApp channel for breaking news alerts and key updates!
   

Next In World

Hacking group claims it�stole�client data from�Christie’s
OpenAI’s Scarlett Johansson gaffe pushes voice cloning into spotlight
Papua New Guinea orders thousands to evacuate from path of 'active' landslide
Spain, Ireland, Norway condemn Rafah attack, affirm Palestinian recognition
No-confidence vote looms for Papua New Guinea leader Marape
Argentina's Milei swaps cabinet chief in major government shakeup
Saudi Arabia spending big for a place on the gaming map
Peru's president faces constitutional complaint in Rolex case
Brazil plans to raise minimum cigarette price, source says
Kuwaiti hospital in Gaza's Rafah closed due to Israeli military operation

Others Also Read