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Last Updated: Wednesday, 12 October 2005, 11:13 GMT 12:13 UK
Google sets up $1bn charity fund
Google headquarters
Google is committed to giving away some of its money
Web search firm Google - whose motto is "don't be evil" - is setting up a subsidiary dedicated to doing good.

Its new philanthropic division, named Google.org, will fund social investment projects in the developing world.

Founders Larry Page and Sergey Brin are devoting 1% of Google's stock and profits - almost $1bn (573m) - to the new charitable venture.

The first beneficiaries include projects to improve water supplies in rural Africa and anti-poverty works.

The charity is the outcome of a pledge made by the California-based company at the time of its initial stock market flotation last year.

Mr Page and Mr Brin said they would set up a Google Foundation to do "good things for the world".

Progressive

The foundation will start with an initial endowment of about $90m (51.5m).

In addition, a further $175m will be invested outside the foundation over the next three years, with the aim of aiding "socially progressive" private companies as well as non-profit organisations.

Among the first causes to benefit are:

  • The Acumen Fund, which will receive $5m to fund anti-poverty and healthcare schemes in the developing world

  • A research project in Kenya run by economists from Harvard University and the University of California, which will get $400,000 for efforts to improve rural water quality

  • US-based organisation Technoserve will get $500,000 for a competition to find and fund business start-ups in Ghana.

Google's vice-president of operations and advertising Sheryl Sandberg - who is in charge of Google.org - said the company wanted to provide sustainable solutions to the problems of poverty, energy and the environment.

"It's not a lot of money in the face of the world's problems, so we want to make sure to get the most out of it," she said.





SEE ALSO:
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21 Sep 05 |  Business
Google offers new stock at $295
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Google getting its Microsoft man
13 Sep 05 |  Business
Google $4bn share sale hits stock
19 Aug 05 |  Business
Profile: The Google founders
30 Apr 04 |  Business


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