Economic Downturn Affects Gates Foundation

The Bill and Melinda Gates Foundation has announced that it is scaling back planned growth in its grant making next year in response to the economic downturn.

The Foundation’s chief executive Jeff Raikes says the Gates Foundation would increase its payout by about 10 percent over 2008, but that growth is less than what it originally planned before the financial crisis.

"Nonprofit groups rely on steady funding to carry out their work, but with an uncertain economy and a volatile stock market, funders are having an increasingly difficult time meeting their commitments", says Raikes.

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