Bill Gates is revealing his plans for the $200 billion he intends to give away through his foundation over the next 20 years, vowing that much of the money will go to Africa.

Gates, who earlier this month told "CBS Mornings" about his plans to donate the bulk of his fortune, disclosed his intentions to focus on Africa on Monday while speaking at Nelson Mandela Hall at the African Union in Addis Ababa, Ethiopia. Gates had previously said his goal was to fund causes that would help save and improve lives around the globe.

"I recently made a commitment that my wealth will be given away over the next 20 years. The majority of that funding will be spent on helping you address challenges here in Africa," Gates said on Monday, according to a statement from his philanthropic organization, the Gates Foundation.

Gates said earlier this month that he was inspired to give away the bulk of his fortune by a famous quote from Andrew Carnegie's 1889 essay "The Gospel of Wealth," which stated that "the man who dies thus rich dies disgraced." The Microsoft co-founder said that his net worth, currently valued at $108 billion, will drop 99% over the next 20 years.

On Monday, the tech billionaire said that his donations would largely go toward partnering with governments that prioritize their citizens' health and well-being.

"By unleashing human potential through health and education, every country in Africa should be on a path to prosperity — and that path is an exciting thing to be part of," Gates said at the event, which drew 12,000 government officials, diplomats, health workers, development partners and youth leaders who attended both in person and online.

Gates' announcement of his support for programs in Africa comes after the U.S. has scaled back on foreign aid and reduced humanitarian funding. The Trump administration has drastically cut the U.S. Agency for International Development's funding and staff.

Source