Gates Foundation Helps Poor Save Money, Open Accounts
ug. 11 (Bloomberg) -- Bill Gates, the world’s richest man, wants to provide the poor with a safe place to put their money.
The Seattle-based Bill & Melinda Gates Foundation has committed $350 million toward projects that let the planet’s poor who have no access to banking keep cash deposits via their local post office, lottery outpost, or cellphone account.
The foundation, which had an endowment of $29.7 billion on Dec. 31, spends two-thirds of its resources on health. Since 2006, when billionaire Warren Buffett promised to give it 10 million shares in his company Berkshire Hathaway Inc. -- a pledge the foundation said was worth $31 billion when made -- the Gateses have branched out into new areas, including banking services for the poor.
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