Bill Gates is pouring another $20bn into the charitable foundation he and his ex-wife Melinda French Gates run, pledging a 50 per cent increase in its annual distributions as he warns of “huge global setbacks” to the fights against preventable disease, inequality and poverty.
The new funding will swell the Bill & Melinda Gates Foundation’s endowment by 40 per cent and allow the world’s largest private philanthropic organisation to raise its annual spending from under $6bn before the coronavirus pandemic to $9bn by 2026.
In January it had signalled that it would maintain its grantmaking at around the $6.7bn level it hit last year after it stepped up spending to respond to the immediate effects of Covid-19.
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