NEW YORK (INPS | GIN) – Bill Gates, Bono, the Ford Foundation and the World Bank, among others, are well-known supporters of development projects in Africa. But that’s hardly the full list.
A report on international giving by the Foundation Center found that approximately $255 million to Africa came from U.S. foundations in 2010. Compare that to the $40 billion that Africans in the diaspora sent home in remittances in the same year. This has since grown to $60 billion annually and now exceeds funding from private foundations and bilateral and multilateral aid agencies.