Tuesday, August 11, 2009

Gates Foundation Brings Banking Service to the Poor

The Bill and Melinda Gates Foundation is launching a $350 million project to expand access to deposit institutions in underdeveloped nations.  The program will allow rural poor without access to a bank to make deposits and withdrawals through post offices, lottery outposts, and cell phones.  The foundation believes that providing access to depositories will allow people to safely store money and build their own financial safety net.

George Soros Gives $35 Million to Needy Schoolchildren

Philanthropist and financier, George Soros is giving $35 million to NY schoolchildren, which allows the state to get a federal matching grant of $140million.  The American Recovery and Reinvestment Act of 2009 provides for a four to one federal matching grant for every dollar given, drastically increasing the impact of his donation.  The total amount will allow the state to give 850,000 children receiving public assistance $200 for school supplies and various expenses.

Leader of Chechen Charity Kidnapped

The head of a Chechnya based charity, Save the Generation, was kidnapped along with her husband on Monday.  Armed men stormed the charity’s office in the Chechen capital city of Grozny and took Zarem Sadulayeva and Alik Dzhibrailov hostage.  Save the Generation offers medical and psychological care to young people suffering as a result of the region’s two wars with Russia.