Excerpt From:

Gates Gives Forum Optimism
Bill Gates Announces Major Grant, Giving World Economic Forum Burst of
Optimism
By ALEXANDER G. HIGGINS Associated Press Writer
The Associated Press
DAVOS, Switzerland

Microsoft chairman Bill Gates announced Friday at the World Economic
Forum that his foundation would give $306 million to use green
technology and farming techniques to boost millions out of hunger and
poverty.

The announcement by Gates, who is a long-time favorite speaker at the
annual meeting of business and government leaders, injected a shot of
optimism into the gathering which had been weighed down the first two
days by fears of a global economic downturn.

Gates, who is stepping down as Microsoft chair later this year and
expected to focus more on philanthropy, received a standing ovation at
the suggestion of anti-poverty campaigner and U2 frontman Bono.

"It's a very special moment in time, I think, for Davos, and people
here," said Bono. "This is Bill Gates' last trip to Davos as Microsoft
leader and I think it is an extraordinary thing that this man has not
just changed the world once, but has now set aside the next act of his
life to change the world again, and I think we should just mark this
moment."

Gates said the foundation set up by him and his wife, Melinda would
give the money to help millions of African farmers feed themselves and
others and work their way out of poverty in a new green revolution
using targeted technology and training.

The Bill & Melinda Gates Foundation, which has concentrated on
improving health in poor parts of the world, has decided it is time to
improve agriculture, he told reporters.

"Why do we think agriculture is so important?" said Gates. "Of the
billion people who live on less than $1 a day, three-quarters are
small farmers. And often it is actually the woman who is doing her
best to both create crops for eating and earn some cash to buy other
things."

Gates on Thursday urged business to work with governments and
nonprofit groups in a new kind of capitalism to stem global poverty
and spur more technological innovation for those left behind.

But despite the optimism, economic turbulence still lingered over the
World Economic Forum's annual meeting.

Indian Finance Minister Palaniappan Chidambaram said that the threat
of a global slowdown would hurt his country, one of Asia's biggest
economies.

A "slowdown is a precursor to a recession and I think that is
worrying," he said. "It is especially worrying to developing countries
like India."

Associated Press writers Matt Moore, Bradley S. Klapper, Edith M.
Lederer, Paul Haven, Dan Perry and George Jahn contributed to this
report.

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