Oil tycoon launches poverty charity

from The Midlothian Advertiser

One of Scotland's richest men has launched a £50 million charity to help tackle global poverty.
Oil tycoon Sir Ian Wood has set up The Wood Family Trust to assist people in developing countries.

The Aberdeen businessman, who is worth an estimated £634 million, has sold a stake in his Wood Group company to fund the venture. He plans to invest £50 million over the next five to 10 years in charitable schemes.

Around 75% of the money will support self-help and livelihood development schemes in developing countries.

The remaining 25% of the funds will finance projects for young people in the UK. These include voluntary work at home and abroad and career development initiatives. There will also be programmes to encourage tolerance in young people.

Speaking after the official launch of the charity in Edinburgh, Sir
Ian said: "There is a huge imbalance between the 'haves' and the 'have nots' around the world. Globalisation, which the Wood Group has embraced, must also mean acceptance of responsibility to improve the economic well-being and livelihood of the many very poor nations.

"Additionally, we would like to encourage the young people in Scotland and the UK to maximise their potential."

Sir Ian was joined at the launch by Britain's International Development Secretary, Douglas Alexander.

He said: "I warmly welcome the launch of the Wood Family Trust which builds on a rich tradition of Scottish philanthropy. Tackling global poverty is perhaps the greatest challenge of our generation and will require initiatives from governments, businesses and individuals."

Sir Ian, his wife and two sons are the charity's trustees.