Bill Gates Pledges Majority of $200bn Philanthropy to Africa, Vowing to Cut 99% of His Wealth by 2060
The American technological billionaire and philanthropist revealed that he would channel most of the $ 200 billion he intends to give over the next two decades in Africa, focusing on health, education and partnerships with governments that favor the well-being of citizens.
The co-founder of Microsoft made the statement on Monday while speaking to a rally in Nelson Mandela Hall of the African Union headquarters in Addis Ababa, Ethiopia, where he spoke to an audience of more than 12,000 people-notably government officials, diplomats, health workers, development partners and leaders.
The announcement marks an important change in global philanthropy at a time when American foreign aid has decreased, in particular under President Donald Trump, whose administration has reduced humanitarian funding and their expulsion of the endowment to the American Agency for International Development (USAID). The Gates have just entered this void emphasizes what he considers the urgency of investing in the future of Africa, especially since the continent faces persistent challenges in health, poverty, education and climate vulnerability.
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“I recently made the commitment that my wealth will be given in the next 20 years. The majority of this funding will be spent to help you meet the challenges here in Africa,” Gates said at the event, according to a press release from the Gates Foundation.
The 68 -year -old philanthrope, which is currently worth around $ 108 billion, says that its net value will drop by 99% by 2060, in accordance with its objective of distributing almost its entire fortune thanks to the Bill & Melinda Gates Foundation.
In a recent interview with CBS Mornings, Gates explained that his decision was inspired by the test of Andrew Carnegie in 1889, “the gospel of wealth”, which affirms that the rich have a moral obligation to give their wealth in their lives. The main idea of the essay – that “the man who dies thus in the dishonor” – has become a guiding principle for Gates, who has spent the last two decades trying to reallocate the wealth to fight against diseases and inequalities.
It is not the first act of philanthropic ambition of Gates. In 2010, he co -founded the commitment of donations alongside Warren Buffett and Melinda French Gates, urging billionaires to commit at least half of their fortune to the causes aimed at improving the human condition. But this new plan pushes this ambition more by creating a firm horizon of 20 years and a regional priority.
Africa as the central objective
Although Gates has always had global ambitions thanks to its foundation – financing the development of vaccines, by eradicating diseases such as malaria and polio, and strengthening health systems – its current announcement focuses on Africa as a main beneficiary. This includes support for health infrastructure, access to education, agricultural resilience and innovation centers across the continent.
“By unleashing human potential through health and education, each African country should be on the path of prosperity – and this path is an exciting thing to be part,” said Gates during the AU event.
His remarks have stressed the conviction that investing in people, especially in developing countries, is the most effective way to get out of the whole regions of poverty. Gates stressed that this funding would not only concern charity gifts, but the partnership with African governments that show a commitment to long -term reform and impact.
In recent years, Gates and its foundation have increased participation in African countries thanks to initiatives such as the Africa Health Diagnostics Platform (AHDP), support for the manufacture of vaccines in Senegal and South Africa and resilient climate culture programs.
Filling the emptiness of American foreign aid cuts
As part of the Trump administration, the financing of the USAID – historically one of the largest conducive to the world for humanitarian aid and health – has been considerably reduced and the levels of personnel have dropped. This retirement has left a vacuum in many low -income countries, especially in sub -Saharan Africa, where the programs formerly supported by American Aid blocked or abandoned.
Gates’ enlarged commitment reports an attempt to fill this void. With governments under budgetary pressure and the private foreign aid plateau, philanthropy can now have more weight than ever to shape the future of public health and education in developing countries.
The first reactions to the engagement of the doors were mixed. African governments and health heads welcomed the announcement, seeing it as a necessary intervention during the global economic uncertainty. Many have pointed out that funding must not only be generous but sustainable and fairly distributed, emphasizing African property of development programs.
