Bloomberg Philanthropies, founded by former New York City Mayor Michael Bloomberg, has announced it will provide a total of $600 million to the endowments of the country’s historically Black medical schools. The announcement is part of the organization’s Greenwood Initiative, which aims to accelerate the pace of wealth accumulation for Black individuals and families and address systemic underinvestment in Black communities.
Currently, there are four historically Black medical schools across the United States. Howard University College of Medicine in Washington, D.C., Meharry Medical College in Nashville, Tennessee, and Morehouse School of Medicine in Atlanta, Georgia will all receive $175 million. Charles R Drew University of Medicine & Science in California will receive $75 million. Xavier University of Louisiana will receive $5 million to support the establishment of its recently announced new medical school.
The historic gifts are some of the largest donations ever-received by an HBCU. The donations will significantly bolster the college’s endowments, providing them with opportunities to increase their tuition affordability, enhance their academic programs and faculty, and improve their research capabilities.
“We have much more to do to build a country where every person, regardless of race, has equal access to quality health care – and where students from all backgrounds can pursue their dreams,” said Bloomberg. “Addressing health disparities and underrepresentation in the medical field are critical challenges, and Bloomberg Philanthropies is dedicated to making a difference. By building on our previous support, this gift will empower new generations of Black doctors to create a healthier and more equitable future for our country.”
