MEXICO CITY - Colombian singer Shakira announced Thursday that Mexican billionaire Carlos Slim and American Howard Buffett will donate $200 million to a foundation that helps poor children in Latin America.

Slim, Mexico's richest man, will donate $110 million and his business expertise. Buffett, son of investment guru Warren Buffett, will give $85 million. The other $5 million will be donated by people throughout Latin America.

"Imagine what Latin America could achieve if we invest in developing the potential of these children," Shakira said.

The Latin America in Solidarity Action - whose Spanish acronym is ALAS, or "wings" - was launched in 2006 with a promise to tackle poverty that kills an estimated 350,000 children each year in the region.

Conceived by Shakira, the foundation is also backed by Nobel Prize laureate Gabriel Garcia Marquez and Spanish singers Miguel Bose and Alejandro Sanz.

ALAS will host two massive, simultaneous concerts Saturday in Buenos Aires and Mexico City to raise awareness about 32 million children living in poverty Latin America.

The concerts will include Puerto Rican pop star Ricky Martin, the Mexican norteno group Los Tigres and Dominican singer Juan Luis Guerra among others.

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