Update 10:33 a.m. PST: It appears the planned announcement was in fact made around the time this item was first posted.
Microsoft co-founder and philanthropist Bill Gates and New York Mayor Michael Bloomberg are expected to announce Wednesday morning a $500 million donation to fight tobacco use in developing countries, according to a CNBC report.
Gates is expected to announce his contribution of $125 million over the next five years toward the project, which will address tobacco-related problems in such countries as China, India and Africa.
Global health is one of The Bill and Melinda Gates Foundation's focus areas.
Gates and Bloomberg are reportedly making their announcement in TheTimesCenter in New York.