Bill Gates donates $20 billion to the Bill & Melinda Gates Foundation

Bill Gates, co-founder of Microsoft and chairman of the Gates Foundation, walks into the morning session during the Allen & Company Sun Valley conference on July 8, 2022 in Sun Valley, Idaho.

Kevin Ditch | Getty Images

Bill Gates announced on Wednesday that he will donate $20 billion this month to the Bill & Melinda Gates Foundation as the agency plans to increase its spending.

“Several major global setbacks over the past few years have discouraged many people and made them wonder if the world is destined to become even worse,” the report says. Microsoft co-founder who is fourth richest person in the worldsaid in tweet.

Gates pointed to the ongoing Covid-19 pandemic, setbacks in gender equality and women’s health, climate change, and Russia’s war on Ukraine as some of the major challenges the world is currently facing.

“It is my hope that by donating more, we can alleviate some of the suffering that people are facing right now and help fulfill the foundation’s vision to give every person the chance to live a healthy and productive life,” Gates said in his address. statement bail announcement.

The fund currently plans to increase its annual spending to $9 billion by 2026, up 50% from before the pandemic. The donation raises the foundation’s donations to around $70 billion, the release said.

Since its founding in 2000, the Bill & Melinda Gates Foundation has been one of the wealthiest charities in the world. Gates stepped down from his day job at Microsoft in 2008 to devote more time to the nonprofit.

Bill and Melinda French Gates pledged $15 billion to the organization last July shortly after announcing their split.

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