The Bill & Melinda Gates Foundation made public its intent to donate $306 million to help the small farmers in Africa and other parts of the world with similar situations.

The foundation said in its statement that the agriculture must be aided in the developing countries because there is where most of the world's poorest people live. The statement was released on Friday at the company’s annual World Economic Forum meeting.

"If we are serious about ending extreme hunger and poverty around the world, we must be serious about transforming agriculture for small farmers - most of whom are women," Bill Gates, said in the statement.

Microsoft’s chairman added that investing in the agriculture of developing countries will not only feed children who are currently starving, but will also create new markets.

The foundation will help develop six farming programs as part of a broader expansion by the charity into agricultural development. The aided programs include projects to create higher quality coffee, rice and better irrigation technologies as well as other projects.

This grant doubles the amount to date that the Gates Foundation has given to agricultural projects and the foundation doesn’t intend to stop here. The charity intends to invest a total of $900 million in agricultural-related projects by the end of the year.

The Bill & Melinda Gates Foundation is the largest charitable foundation in the world. It was founded by Bill and Melinda Gates in 2000 and doubled in size by Warren Buffett in 2006.

The main goals of the foundation are, globally, to enhance healthcare and reduce extreme poverty, and, in the United States, to expand educational opportunities and access to information technology.