Since 2000, Africa’s GDP has grown by close to 5% annually – and savvy investors aren’t the only ones taking note. Foundations and major donors, from the US in particular – also recognise the continent’s potential and have been upping the ante with their philanthropic grants.
A recent study by New York-based NPO Foundation Centre found that, between 2002 and 2012, US funding in Africa grew at more than twice the rate of overall international giving – a jump in excess of 400% from US$288.8 million to nearly US$1.5 billion. Meanwhile, the continent accounted for 25% of international grant dollars in 2012, up from 14% in 2002.
The Gates Foundation made up the majority of these increases, awarding nearly 1 400 sub-Saharan Africa grants worth billions of dollars since 2008, according to an Inside Philanthropy report. The Ford Foundation is the second largest – handing out US$60 million in grants in 2012, while the Open Society Foundation and the Howard Buffet Foundation each funded US$24 million in the same year.
26 July 2016
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