Bill Gates has signed an agreement with the Jeddah-based Islamic Development Bank, believed to be worth around US$277m, as part of his charity’s aim to gain Middle East support for its multi-billion-dollar fight to eradicate polio.
The agreement with the Bill & Melinda Gates Foundation is for a five-year programme and will cover projects mainly in Pakistan, Afghanistan and Nigeria, Ahmad Mohamed Ali, chairman and president of Islamic Development Bank, told the Saudi Press Agency.
Last month, Gates, who is believed to be worth around US$66bn, said he is aiming to raise US$1bn over six years to help in the fight to eradicate the disease.
The former Microsoft founder and chief executive officer, who is due to give the keynote speech at today’s Abu Dhabi Media Summit, said he is looking to the Middle East to help raise the required funds.
“The announcement from the Islamic Development Bank will surprise some because they’re a new donor coming in at a very significant level. I think, out of the Middle East in general, we’ll get several new donors,” Gates was quoted as saying by The Globe and Mail newspaper last month.
“It’s really a positive development to have additional Middle East donors. A few years ago, Abu Dhabi came in and was very generous, now it’s the Islamic Development Bank with a significant gift of US$227m,” he added.
The IDB is a vital line of credit for economic and social development projects in the Muslim world, providing funds, capital, loans and financial assistance to 56 countries.
In June, the bank said it was setting up a US$600m food and agriculture fund to invest in projects that promote steady food supply, an issue widely seen as a catalyst for the Arab Spring rebellions.
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