July 02nd, 2015
Prince Alwaleed said his charity "will help build bridges to foster cultural understanding, develop communities, empower women, enable youth, provide vital disaster relief and create a more tolerant and accepting world".
The money "will be allocated according to a well-devised plan throughout the coming years", he said, but stressed there was no time limit for the donation to be spent.
He said he would head a board of trustees tasked with spending the funds which would still be used after his death "for humanitarian projects and initiatives".
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The Australian Government has announced a review of the Australian Charities and Not-for-profits Commission (ACNC) legislation.
Advocacy & Insight Manager, Krystian Seibert, outlines Philanthropy Australia's engagement with the review.