January 28, 2009

Gates Foundation to Increase Global Spending Despite Recession

While the nonprofit Bill & Melinda Gates Foundation has lost about 20 percent of its assets due to the global economic crisis, Microsoft founder Bill Gates said on January 26 that the group will increase spending on global health, education and other efforts, Reuters reports.

Gates said that during the past several years, the foundation has spent “a bit over 5 percent” of its annual assets—$3.3 billion—to support vaccines, HIV/AIDS treatment, malaria research and other programs benefiting developing countries.

“In 2009, instead of reducing this amount, we are choosing to increase it to $3.8 billion, which is about 7 percent of our assets,” Gates wrote in a public letter on the foundation’s website.

According to the article, Gates also encourages governments to boost global spending, telling reporters in a conference call that “[for] most causes, the needs are more acute than they have ever been.”

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Previous Comments:

ashok.c., new delhi, 2009-05-27 02:50:28
Its fantastic. To know about the 'heart' and 'mind' of the bill and milenda foundation. A heart that feels for the poor and the helpless. And a mind that shows all conviction to fight ills and evils to the finish and create a healthier world. But just the thrust on physical health enough? what about healthy mind? How about creating minds that hate corruption, reject terrorism, adher to hardwork, cooperation and fulfill a common global goal of progress and peace? Any takers of ideas?

viewer1977, Seattle, 2009-01-30 03:06:03
I live in seattle, and I have hiv and fill for the forgien countries, don't get me wrong. but what happens to the hiv/aids programs here in the USA and in particular in Seattle where bill and milenda gates lived? i am in a hiv program called Bailey Boushey house , we get meds there and get the help we need from the nurses and the ones that really have to are tended to by the 24/7 nurses and now it is a very good possiblity it will be closed, due to lack of funds to keep it open!