Bill Gates announced on Wednesday that he will transfer $20 billion to the Gates Foundation's endowment this month, APA reports citing Teletrader.
The donation is part of broader efforts to increase the foundation's spending from almost $6 billion per year currently to $9 billion per year by 2026.
"The world economy is entering a low-growth cycle, with rising interest rates and high inflation. Deficit spending will have to be reined in to reduce inflationary pressure. Government income will go down and more will be spent on interest payments, which will reduce the amount of money available for programs and make trade-offs necessary. Aid budgets will be stretched, and the poorest countries may see support cut at the time when they need it most," Gates said explaining his decision.
Follow us on Telegram
t.me/apanewsaz
Follow us on Instagram
Follow us on TikTok
Follow us on Facebook
Follow us on X
