Gates Foundation to Cut Back on 2009 Grants

The global financial meltdown has induced the Bill & Melinda Gates Foundation to reduce its grants for next year, its chief executive said. The foundation intended to provide USD3.2 billion annually by 2009. Jeff Raikes said that the charity is expected to release USD2.8 billion in grants this year, a 10 percent increase but still less than the original proposal prior to the financial shocks. “Nonprofit groups rely on steady funding to carry out their work,” Rikes said, “but with an uncertain economy and a volatile stock market, funders are having an increasingly difficult time meeting their commitments.” (“Gates Foundation pruning grant growth” - Seattle Times, Nov. 22, 2008)

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