Gates said that despite the foundation’s deep pockets, progress would not be possible without government support.
He praised the response to aid cuts in Africa, where some governments have reallocated budgets, but said that as an example polio would not be eradicated without US funding.
Gates made the announcement on the foundation’s 25th anniversary. He set up the organisation with his then-wife Melinda French Gates in 2000, and they were later joined by investor Warren Buffett.
“I have come a long way since I was just a kid starting a software company with my friend from middle school,” he said.
FOUNDATION HAS GIVEN US$100 BILLION
Since inception, the foundation has given away US$100 billion, helping to save millions of lives and backing initiatives like the vaccine group Gavi and the Global Fund to Fight AIDS, Tuberculosis and Malaria.
It will close after it spends around 99 per cent of his personal fortune, Gates said. The founders originally expected the foundation to wrap up in the decades after their deaths.
Gates, who is valued at around US$108 billion today, expects the foundation to spend around US$200 billion by 2045, with the final figure dependent on markets and inflation.
Source: CNA
