Michael Bloomberg Donates $600 Million to Boost Medical Education at Historically Black Colleges.

American billionaire Michael Bloomberg has made headlines once again with a monumental donation of $600 million to support medical education at five historically Black colleges and universities (HBCUs). This remarkable act of philanthropy aims to address the underrepresentation of Black doctors, who currently make up only 6% of the medical workforce.

The grants are being distributed to enhance the medical programs at these prestigious institutions: Howard University College of Medicine, Meharry Medical College, Morehouse School of Medicine, Charles Drew University of Medicine & Science, and Xavier University of Louisiana. Specifically, Howard, Meharry, and Morehouse will collectively receive $175 million, a move expected to significantly boost their medical programs and endowments. Charles Drew University is set to benefit from a $75 million grant, while Xavier University will receive $5 million to support its new medical school.

This donation follows Bloomberg’s recent historic $1 billion gift to Johns Hopkins Medical School, cementing his status as one of the most generous philanthropists in American history. In 2020, Bloomberg donated $100 million to four of these five HBCUs to alleviate student debt, aligning with a campaign promise made during his short-lived 2020 Democratic presidential run.

With these new grants, Bloomberg Philanthropies hopes to more than double the endowments of several medical schools, paving the way for increased opportunities and diversity in the medical field. The funds will provide significant relief from student debt and potentially support new initiatives, although specific plans are still being discussed.

Bloomberg’s contributions, which totaled over $3 billion last year, underscore his ongoing commitment to addressing critical issues through strategic philanthropy. This latest donation represents a substantial investment in fostering a more inclusive medical community and highlights the transformative impact that targeted giving can have on education and healthcare.