Dublin-born technology entrepreneur, Mr Philip Berber, has pledged $100 million (€117.6 million) for a new charity which will strive to combat poverty, disease and homelessness in Ethiopia.
The UCD graduate and chairman of US technology firm CyBerCorp announced his plan in Dublin yesterday, saying he would concentrate on the charity: A Glimmer Of Hope.
Mr Berber, who sold his firm to the online brokerage Charles Schwab for $488 million in March, confirmed he had stepped down as chief executive but will continue as chairman of CyBerCorp.
Both Mr Berber and his wife, Donna, met the president and prime minister of Ethiopia on a recent visit to the country.
"CyBerCorp's acquisition by Charles Schwab enabled Donna and I to fulfil a lifelong dream of helping others to help themselves and making a difference to people's lives," said Mr Berber.
"We have followed our hearts to Ethiopia and I feel there has been a sense of divine guidance," he said. "We want to help relieve some of the pain on the planet."
Mr Berber said the charity would invest $100 million in projects in Ethiopia to create a financially sustainable, long-term business model for charitable foundations. He said the investment would cover all the operation costs of the charity so that 100 per cent of all further donations would go directly to beneficiaries. "Large charities tend to be bureaucratic and costly operations. As an entrepreneur I will bring to bear a business-like approach," he said.
