The Bill & Melinda Gates Foundation has said it will spend $8.3bn to continue its work fighting poverty, disease and inequity in 2023.
The foundation’s Chief Executive Officer, Mark Suzman, disclosed this in a press statement on Tuesday which was signed by the Head of Media and Creative, Centre for Communication and Social Impacts, Seun Akioye.
Suzman said the foundation uses its resources, voice and convening power, to call attention to and help find solutions for problems that otherwise might be neglected.
The budget, which is the largest in the foundation’s history, is a response to multiple crises that threaten to stall or reverse global progress on the Sustainable Development Goals since the start of the COVID-19 pandemic.
These include war, economic turmoil, climate-related disasters and large decrease in vaccinations for preventable infectious diseases, all of which had taken a significant toll on the world’s poorest people.
The board of trustees’ approval of the budget puts the foundation on track to meet its commitment to reach an annual payout of $9 billion by 2026—and represents a 15 per cent increase over the 2022 forecasted payout.
“This is the toughest period for global health and development in recent memory, but in some ways, it’s also the reason we exist.
“To help meet the great needs ahead, we are doubling down on our commitment to our core mission; ensuring everyone can live a healthy and productive life,” Suzman said.
The statement reads in part, “People in low and middle-income countries, particularly women and girls, are facing the severe consequences of intersecting global crises, yet the world has so far failed to step up with the necessary political will and resources to respond.