A memorandum of understanding in this regard was signed by the both parties in a meeting held in New York on Wednesday, Radio Pakistan reported on Thursday.
The pledge came when Microsoft founder Bill Gates called on Pakistan's Prime Minister Imran Khan on the sidelines of the United Nations General Assembly session in New York.
Under the terms of the agreement, the amount will be spent on 134 poverty alleviation projects across the country, undertaken as part of the "Ehsaas Programme".
Speaking on the occasion, Khan said that the "Ehsaas Programme" was a big project in the history of Pakistan which will turn the country into a welfare state. He added that poverty alleviation was the top priority of his government from day one.
According to the cricketer-turned-politician, this programme will help to achieve the sustainable development goals set under the UN. He also expressed his commitment for complete elimination of polio from the country.
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