Gates Foundation to Spend $8.3bn in Fighting Poverty
The Bill & Melinda Gates Foundation (BMGF) says it will spend $8.3 billion to fight poverty, disease and inequity in the year 2023.
This was made known in a statement signed by the Chief Executive Officer of the foundation, Mr Mark Suzman, on Tuesday in Lagos.
Suzman said the budget was the largest in the foundation’s history and a response to multiple crises that threaten to stall or reverse global progress on the Sustainable Development Goals since COVID-19 pandemic.
He listed the crises as war, economic turmoil, climate-related disasters, and large decreases in vaccinations for preventable infectious diseases.
Suzman added that all these issues have taken a significant toll on the world’s poorest people.
“The board of trustees’ approval of the budget puts the foundation on track to meet its commitment to reach an annual payout of $9 billion by 2026 and represents a 15 per cent increase over the 2022 forecasted payout.
“To help meet the great needs ahead, we are doubling down on our commitment to our core mission; ensuring everyone can live a healthy and productive life. People in low and middle-income countries, particularly women and girls, are facing the severe consequences of intersecting global crises, yet the world has so far failed to step up with the necessary political will and resources to respond.
“In his annual letter, Suzman addressed questions about the scale of the foundation’s influence and its access to global leaders. Using examples from the foundation’s work on climate adaptation, malaria, and US education, he detailed how the foundation catalyzes and advocates for solutions, brings diverse voices to decision-making tables and fills market gaps.
“He also discussed the role the foundation plays in setting global health and development priorities. The foundation doesn’t set the world’s agenda—we respond to it,” Suzman said, referencing the United Nations’ Sustainable Development Goals.
“Highlighting areas where the foundation makes big bets, Suzman reflected on the unique role of philanthropic capital, particularly in times of crisis. From improving vaccination rates to advancing women’s economic power, the foundation uses its funds, expertise, relationships and voice, where it can make the biggest impact measured in lives saved and opportunities created for all to reach their full potential.
“It does so by funding innovations that may not be financially attractive or feasible for the private sector or governments, stepping in where markets fail and investing in R&D that would otherwise never leave the lab.”