Gates says foundation will boost spending in 2009 - KWWL - Eastern Iowa Breaking News, Weather, Closings

Gates says foundation will boost spending in 2009

SEATTLE (KWWL) - The assets of the Bill & Melinda Gates Foundation lost 20 percent of their value in 2008. But Bill Gates says the foundation will increase its giving in 2009 instead of cutting back because of the economic downturn.

In his first annual letter, which was issued on Monday, Gates said the wealthy have a responsibility to invest to adress inequity.

If this doesn't happen, Gates says the world will emerge from the economic crisis with greater inequities in health and education, and fewer opportunities for people to improve their lives.

Gates is co-chair of the nation's largest charitible foundation, which focuses most of its donations on global health, agriculture development and education.

Online Executive Producer Nate Leding

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