Sir Tom Hunter, the Scottish entrepreneur and philanthropist, pledged 55m pounds ($100 Million) to help fight global poverty. The money will provide seed funding to launch the Clinton-Hunter Development Initiative, a charitable foundation.
Although the sum is a drop in the ocean compared with the $78 Billion official aid that flows from rich to poor countries each year, Mr Clinton and Sir Tom aim to create a new model of intervention that is applicable to any poverty-stricken country.
"This is about enabling developing communities, empowering them to define and deliver the solutions that best fit their needs," Sir Tom said, adding: "We aim to support communities and large regions in gaining a foothold on the first rung of the development ladder."
Initially, the fund will pick two countries for assistance and pilot regional programs across the sectors of education, health, infrastructure, agriculture and entrepreneurial support.
As such, its aims are the same as those of official aid from countries, the World Bank and non-governmental organizations.
But Mr Clinton feels this donation is the sort of action that could succeed where others have not: "I’m excited about this commitment and the approach it takes toward the destructive issue of global poverty."
[From article by Chris Gile in The Financial Times]