Google sets up $1bn charity fund

hamba

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Web search firm Google - whose motto is "don't be evil" - is setting up a subsidiary dedicated to doing good.


Its new philanthropic division, named Google.org, will fund social investment projects in the developing world.

Founders Larry Page and Sergey Brin are devoting 1% of Google's stock and profits - almost $1bn (£573m) - to the new charitable venture.

The first beneficiaries include projects to improve water supplies in rural Africa and anti-poverty works.

The charity is the outcome of a pledge made by the California-based company at the time of its initial stock market flotation last year.

Mr Page and Mr Brin said they would set up a Google Foundation to do "good things for the world".

Progressive

The foundation will start with an initial endowment of about $90m (£51.5m).

In addition, a further $175m will be invested outside the foundation over the next three years, with the aim of aiding "socially progressive" private companies as well as non-profit organisations.

Among the first causes to benefit are:
  • The Acumen Fund, which will receive $5m to fund anti-poverty and healthcare schemes in the developing world
  • A research project in Kenya run by economists from Harvard University and the University of California, which will get $400,000 for efforts to improve rural water quality
  • Ghanaian development organisation Technoserve will get $500,000 for a competition to find and fund business start-ups.
Google's vice-president of operations and advertising Sheryl Sandberg - who is in charge of Google.org - said the company wanted to provide sustainable solutions to the problems of poverty, energy and the environment.

"It's not a lot of money in the face of the world's problems, so we want to make sure to get the most out of it," she said.




Story from BBC NEWS:
Published: 2005/10/12 11:13:28 GMT
© BBC MMV
 

sharpe1983

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they should give the 573million to all here at digi world lol
 
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