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- FT.com; complete article
Philanthropy ’can eclipse G8’ on poverty
April 8, 2007
Financial Times
By Leyla Boulton and James Lamont
A story in today's Financial Times reported that, '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.'
A summary follows:
'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,' Jeff Sachs, special adviser to the United Nations secretary-general said. "Gates can make a huge difference if they hit the right model." ...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.top of the page'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.'
...Mr Sachs, complaining about the failure of governments to keep their aid promises, was answering a question about the potential impact of a new wave of philanthropic giving by wealthy individuals and corporations...Mr Sachs also criticised what he described as the shrinking role of the World Bank...
Copyright The Financial Times Ltd 2007