Former New York City mayor Michael Bloomberg announced a $100 million donation to four historically Black medical schools today, including a $32.8 million gift to the Howard University College of Medicine. The effort is designed to improve the health and wellness of Black communities during the pandemic and beyond, and to ease the financial burden on Black medical students.

According to the press release, 800 medical students among the institutions will each receive grants up to $100,000. The other schools receiving funds are Charles R. Drew University of Science and Medicine, in Los Angeles; Meharry Medical College, in Nashville; and Morehouse School of Medicine, in Atlanta.

“Healthcare disparities exist for a myriad of reasons related to systemic infrastructural issues, not the least of which is the dearth of black doctors. Black doctors with cultural competency are a major part of the solution, but their path is often hampered by a compromised financial situation,” said Dr. Wayne A. I. Frederick, President of Howard University, in the release. “This gift from Bloomberg Philanthropies is the first stone dropped into a calm lake of opportunity and promise. The ripple effects that it will have on the lives of our students and our programs will carry on for generations.”

Bloomberg’s intent is to increase the number of Black doctors in America, and ultimately reduce racial disparities in health and wealth. He made the donation after reviewing data that suggests Black doctors help provide more positive outcomes for Black patients, and are more likely to work in communities that have been ignored, according to the New York Times’ DealBook newsletter.

“By increasing the number of Black doctors, we hope the gift will help to save more Black lives and reduce the health problems that limit economic opportunity in Black communities,” Bloomberg told the New York Times.

Howard University College of Medicine will determine the eligibility of students for the scholarships. Students currently in years two, three, and four of medical school can receive retroactive scholarships to reduce debt, according to the release.