Wealthy philanthropists have the potential to do more than the Group of Eight leading nations to lift Africa out of poverty, according to Jeff Sachs, special adviser to the United Nations secretary-general.
Mr Sachs told the Financial Times that the financial clout of the likes of Microsoft’s Bill Gates and international investor Warren Buffett, who have pledged billions of dollars to global health and education, could eclipse flagging governmental initiatives.
“The Rockefeller Foundation was the world’s most important development institution of the 20th century, and the Gates Foundation can be that of the 21st century,” he said. “Gates can make a huge difference if they hit the right model.”
The Bill and Melinda Gates Foundation was already the biggest charitable group in the world before Mr Buffett last year pledged to give it the bulk of his $40bn-plus (€30bn, £20bn) fortune.
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