Yesterday, Ecorazzi reported that The Bill and Melinda Gates Foundation was expected to make a major grant pledge at the Global Savings Forum event which is taking place today and tomorrow in Seattle.
As promised, just hours ago the foundation pledged $500 million for projects that help teach indigent people around the world how to save money. Specifically, for programs that will be used to help the poor make financial plans for the future.
“After the rapid growth of small loans for the poor as a development strategy, savings is now being recognized as an effective way for people use their own energy, their own talents to lift themselves out of poverty,” Gates said.
This massive commitment is double what the foundation has previously provided for such services.
What’s more, on top of the $500 million pledge, the organization unveiled six new grants totaling $40 million for programs like branchless banking and mobile money research.
It must feel good to be the world’s largest charitable foundation! Keep up the insanely amazing work!