Bill Gates' foundation will give out more than 300 million dollars to fund green technology and farming techniques in hopes of lifting millions out of hunger and poverty.

The announcement comes at the World Economic Forum in Switzerland. Gates says the 306-million-dollar grant is important because three-quarters of the world's poorest people are farmers.

Gates will step down as Microsoft chairman this year and is expected to focus more on philanthropy.

Meanwhile, leaders at the conference remain concerned about the possibility of a global economic downturn. India's finance minister says a slowdown in the economy is "a precursor to a recession" and adds that it's "especially worrying to developing countries like India."