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Mon 30 Jun 2014 02:41 PM

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Bill Gates partners with Jeddah bank for $2.5bn fund

Former Microsoft boss pitches fund to help the poor during talks with Islamic Development Bank

Bill Gates partners with Jeddah bank for $2.5bn fund

Microsoft chairman and founder Bill Gates has partnered with the Jeddah-based Islamic Development Bank (IDB) to set up a $2.5bn fund to help the poor and fight disease, it was reported.

The fund, which will start with $500m raised from donors and governments, came about after Gates presented his proposal for the project at a meeting with IDB, Arab news reported.

The fund aims to help contribute to the fight against diseases such as malaria and polio. The former Microsoft boss praised the support his Bill & Melinda Gates Foundation has received from governments in the region.

"It's amazing what they've (IDB) contributed to global development over the last 40 years and we're proud to be a partner," he was quoted as saying.

"Polio only remains in Pakistan, Afghanistan and Nigeria in terms of being rooted there, but there have been outbreaks recently here in the Middle East, in Syria and Iraq. And we're working to eradicate it with a bunch of great partners from this region.

"When you look at the picture of children dying across Muslim countries, you find a mixed picture; some countries have made huge gains, but there are others where far too many children are dying, not just from violence that you see most on the news, but often from diseases that we can cure with very little money.

"That's a tragedy that we can take positive steps to fix, right now, so my foundations are collaborating with partners across the Middle East to fix these global challenges in health and agriculture, many of which affect the Muslim world particularly," he added.

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George Washington 6 years ago

This is all real nice but we have people here in the US that are poor, hungry, jobless, homeless, and still need assistance. Charity begins at home.

Rob 6 years ago

The world needs more people like Bill Gates. If you have the money...HELP the world.

DREW ORESTAD 6 years ago

because, you don't know, if you don't know. Which is the biggest problem : Hunger; War; or Ignorance? 1(one) has the POWER to fix the rest, so WTF's worse; 'knowing' and so-called 'Intelligent'? or 'not knowing' and so-called 'Intelligent'? IF YOUR AGAINST EDUCATION FOR "ANY" REASON, CHECK YOURS

katie jones 6 years ago

I agree the ones that have lots of money should help the world. They should get a small team to help find the best ways to help around the world so money is not wasted or going into someone pocket.

john redmond 6 years ago

that is the biggest problem is our wealth is all going to foreigners whether it be from charities or the criminal global reserve system. of course much of that wealth will be used to perpetrate attacks on the U.S. and our constitutional values. this is why the U.S. is crumbling with debt, cities, infrastructure. etc.

Rafiek 6 years ago

Bill Gates is an Hero, he shows no discrimination in religion or colour on country, he is spending in what is needed, I hope and pray that the Saudi Kingdom can learn a lesson from this, all oil rich countries, spend from your riches to every country because countries have become boundaries by man on GOD'S earth, sorry George Washington, every part on earth is home and that's where charity begins, at home......Thank you Mr Bill Gates, may your intentions be rewarding in this world and the hereafter........Rafiek Kader........South Africa

Mazen 6 years ago

Time to take off your tinfoil hat...

The US is dying because of your corrupt industrial military complex supported by even more corrupt politicians!

kingkaiser 6 years ago

1. John, while the American's are a very generous people, the total quantum of global giving relative to your GDP is remarkably small (but larger than most nations). Again, I admire the American spirit of giving, but external giving is not large enough to create a crisis in the country.

2. Your internal financial issues are largely driven by the colossal welfare spending (which is over 60% of your budget).

3. I dont think saving someone from polio is going to lead to your constitutional values being eroded.