(CTN News) – It’s been announced that Bill Gates is donating $20 billion to the Bill & Melinda Gates Foundation this month as the foundation ramps up spending.
According to Microsoft co-founder Bill Gates, who is the fourth richest person in the world, “There have been several huge setbacks over the past few years that have left people discouraged and wondering if the world is destined to get worse.”
Among the major issues currently facing the world are the ongoing Covid-19 pandemic, the setbacks in gender equality and women’s health, climate change, and Russia’s war on Ukraine.
Bill Gates said in a statement announcing the pledge: “I hope that by giving more we can mitigate some of the suffering people are experiencing and help fulfill the foundation’s vision.”
As a result, the foundation plans to increase its annual spending to $9 billion by 2026, a 50% increase over pre-pandemic levels. With the donation, the foundation’s endowment reaches about $70 billion, according to a release.
Bill Gates & Melinda Gates Foundation has been one of the world’s wealthiest philanthropic organizations since 2000. In 2008, Bill Gates resigned from Microsoft so he could devote more time to the nonprofit.
Last July, shortly after announcing their separation from each other, Bill Gates and Melinda Gates pledged $15 billion to the organization.