"Bill and Melinda believe they can use their wealth to improve people's lives, and in some cases to save lives," foundation spokesman Trevor Neilson said.
The US$5 billion gift gives the William H. Gates Foundation a total asset base of US$10 billion, compared with US$1.3 billion in assets for the Gateses' other charitable effort, the Gates Learning Foundation, which promotes high-tech training in schools.
World reach
"The foundation will work in partnership with local experts" on health problems throughout the world to find recipients, Neilson said.
At the same time as the US$5 billion gift was announced Wednesday, the Gates Foundation said it has donated US$50 million to a Seattle-based project, the Program for Appropriate Technology in Health, which is working on a malaria vaccine.
According to the Chronicle of Philanthropy, the William H. Gates Foundation would be the US's fourth-largest following the latest grant from the couple. The largest is the David and Lucile Packard Foundation, with US$12.2 billion in assets, followed by the Lilly Endowment with US$12 billion, and the Ford Foundation with US$11.1 billion.
The William H. Gates Foundation makes grants to existing and new health care charities throughout the world, Neilson said. No specific projects have yet been earmarked to receive funds from the latest grant, he said.
