Bill & Melinda Gates Foundation to spend $8.3bn to fight poverty in 2023

Bill & Melinda Gates Foundation to spend $8.3bn to fight poverty in 2023

By Oluwafunke Ishola, Lagos.

 

Bill & Melinda Gates Foundation (BMGF) says it will spend 8.3 billion U.S. dollars to fight poverty, disease and inequity in 2023.

 

This is contained in a statement signed by the Chief Executive Officer of the foundation, Mr Mark Suzman, on Tuesday in Lagos.

 

Suzman said that the budget was the largest in the foundation’s history and a response to multiple crises that threatened to stall or reverse global progress on the Sustainable Development Goals since the COVID-19 pandemic.

 

He listed the crises as wars, economic turmoil, climate-related disasters and large decreases in vaccinations for preventable infectious diseases.

 

Suzman stressed that all these issues had 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.

 

“This is the toughest period for global health and development in recent memory, but in some ways, it’s also the reason we exist.

 

“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,” he said.

 

Suzman said that people in low-and middle-income countries, especially women and girls, were facing the severe consequences of intersecting global crises.

 

He, however, said that the world had failed to step up with the necessary political will and resources to respond.

 

Highlighting areas where the foundation played vital roles, Suzman reflected on the unique role of philanthropic capital, particularly in times of crisis.

 

He said that from improving vaccination rates to advancing women’s economic power, the foundation used its funds, expertise, relationships and voice where it could make the biggest impact.

 

According to him, this is measured in lives saved and opportunities created for all to reach their full potential.

 

Suzman said that the BMGF intervened by funding innovations that might not be financially attractive or feasible for the private sector or governments.

 

He said that the foundation also stepped in where markets failed, while investing in research and development that would never leave the lab.

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