Despite low oil prices, Gates looks to Gulf in anti-poverty campaign
Low oil prices and tight budgets in the Gulf are making it harder to raise money for a fund tackling poverty in the Muslim world, but a growing culture of philanthropy may draw in wealthy regional donors, billionaire campaigner Bill Gates said. The Microsoft co-founder is visiting the Gulf seeking donations towards his foundation's planned $2.5 billion fund, which will work to reduce poverty and disease across 30 countries in the Middle East, Africa and Asia. The fund is a joint project with the Jeddah-based Islamic Development Bank, which has committed $2 billion in loans financing if the Gates Foundation raises $500 million in donations – mostly from the wealthy oil-producing Gulf states.
