Majority of $200-billion Gates Foundation funds to go to Africa

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Africa is set to be the largest beneficiary of the $200 billion that the Gates Foundation plans to give away over the next two decades, co-founder Bill Gates said.

“The majority of that funding will be spent on helping you address challenges here in Africa,” he told an African Union gathering in Addis Ababa, Ethiopia, Monday, according to an emailed statement from his foundation.

The organization said last month that it plans to give away the money over 20 years before shutting down in 2045. That implies Gates — currently the fifth-richest person in the world — plans to transfer many billions to his foundation as part of a goal to give away 99% of his wealth. He’s currently worth about $175 billion, according to the Bloomberg Billionaires Index.

The foundation has disbursed more than $100 billion since it was co-founded by Gates and Melinda French Gates in 2000. Originally, the foundation was set to close 20 years after the Microsoft Corp. co-founder’s death.