Billionaire sets up Australia's largest charity fund

One of Australia's richest men announced on Tuesday the formation of a 200 million Australian dollar (187 million U.S. dollars) charity fund, the biggest corporate philanthropic foundation in Australian history, local media reported.

Casino owner James Packer has set up the National Philanthropic Fund, which will pump 200 million Australian dollars into worthy charities over the next 10 years, The Daily Telegraph reported.

It will focus on improving indigenous education, assisting community welfare programs and making artistic endeavors accessible to more Australians.

Packer, the Crown Resorts chairman, said the company and his family wanted to support organizations which "work tirelessly to deliver services, assistance and opportunities for people from disadvantaged backgrounds."

Packer said his sister Gretel Packer had been the "driving force" behind establishing the fund, which she will administer with former Australian government minister Helen Coonan.

The new fund's first contribution of 200,000 AU dollars is being made to Sydney charity worker Reverend Bill Crews to teach Aboriginal children in Darwin to read.

"These are from the poorest backgrounds; children who are in lots of trouble and about to go to high school but can't read," Crews said.