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Africa’s Philanthropic Billionaires

Philanthropic_Giving
When it comes to international aid programs, everyone has heard of the Bill and Melinda Gates Foundation, as well as Warren Buffett’s astronomical donation track record, with last year’s donations reaching $1.87 billion. However, outside of the American audience, African billionaires are also stepping up and contributing to causes they care about. Here is a list of African philanthropic billionaires that lead programs in their own countries.

The wealthiest African, Aliko Dangote, worth an estimated $20.2 billion, donates millions of his wealth to education, health and social causes. Last year Dangote took part in the first ever Forbes 400 Summit on Philanthropy, where he discussed the benefits of donating, listing Gates and Buffett as inspirations.

Nathan Kirsh, a South African native, earned his $3.6 billion wealth by monopolizing the small goods market in New York City. According to Forbes, his philanthropic efforts focus on Swaziland, where he supplied approximately 10,000 people with starter capital for small businesses. Kirsh states that 70 percent of his recipients are women with a 70 percent success rate for his program overall. He also hopes to make Swazi schools the first in Africa to boast guaranteed computer literacy for all graduates.

Folorunsho Alakija hails from Lagos, Nigeria and is Africa’s richest woman thanks to her very profitable ownership of an oil block in the 1990’s. Since then, Alakija has expanded her $7.3 billion enterprise to real estate around the world, notably $200 million worth in the United Kingdom alone. With her money, Alakija founded the Rose of Sharon Foundation in 2008 which aids orphans and widows in her native country of Nigeria.

Mohamed Mansour has an estimated $2.3 billion fortune from his investment company the Mansour Group, which owns Egypt’s largest grocery store Metro and Egypt’s McDonald’s franchises, among other businesses. Mansour founded the Lead Foundation, a nonprofit that has provided over 1.3 million loans to small business endeavors and under-privileged women in Egypt. Mansour also chairs the Mansour Foundation for Development, which strives to eliminate illiteracy, poverty, and disease in order to expedite the development of Egyptian society.

– Emily Bajet

Sources: Daily Mail, Forbes, Rose of Sharon Foundation, Mansour Foundation For Development

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Bill Gates Responds to Skepticism of Foreign Aid

Bill Gates Responds to Skepticism of Foreign AidUS foreign aid has recently been thrown into the debate of where to cut government spending. Many Members of Congress have expressed doubt as to the effectiveness of foreign aid and the United States’ responsibility of providing foreign aid to third world countries. In his annual letter, Bill Gates wrote a response to these many concerns asserting that foreign aid works and the United States should continue funding this vital program.

Bill Gates begins his argument by addressing concerns that foreign aid is ineffective and only goes into the hands of the corrupt. By using the example of an organization he supports, GAVI Alliance, Gates is able to explain the specifics of foreign aid in a way that is often ignored. GAVI uses all of the donations it receives to provide vaccines to developing countries. Gates reiterates that the organization does not send cash to these countries, only vaccines. This is one way nonprofits and USAid can bypass possible corrupt political leaders.

Another way GAVI ensures its funds are not wasted is by only operating in countries that have provided evidence of a strong enough immunization system to administer the vaccines to a majority of children. These countries are required also to pay a percentage of the cost of the vaccines. Gates reminds us that China was once a recipient of such aid and now pays the full amount for vaccines. He also stresses how methods for measuring accountability and effectiveness have greatly increased and countries failing to meet certain criteria no longer receive assistance.

Not only are assistance organizations addressing corruption and government accountability, but studies have also shown these organizations to be achieving their goal of reducing global poverty and hunger. GAVI has contributed to the decrease in children dying each year (down by one quarter) by providing 370 million children with vaccinations. That means 2.4 million children’s lives have been saved in about thirteen years, since GAVI was created in 2000.

Gates acknowledges that there is still some corruption when dealing with foreign aid, but that does not mean the US should stop sending assistance. Foreign aid is working, and eventually recipient countries will build their economies to the point where they no longer require aid. The implications of such development mean a larger market for US products and a more secure world, not to mention drastically better living standards for formerly impoverished people.

Bill Gates calls for US politicians to be the moral leaders of the world. Such actions will not only ensure international respect but also international influence. He urges the US to follow the example of Britain and other countries devoted to foreign aid and continue funding for foreign assistance programs.

– Mary Penn
Source: Daily Mail
Photo: Gates Foundation