U2 will be providing five million euros – roughly $7.2 million dollars – through 2015 to fund music schooling for Irish children. The donation will mainly be put toward musical equipment and salaries for music teachers. An additional two million euros ($2.9 million) will be given to Ireland Funds, another charitable group supported by people of Irish ancestry around the globe.
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U2's donation comes soon after major cuts to Irish education spending in the government's attempt at an economic bailout. The band's donation is designed so that by the end of the five-year term, the government can take over funding for the programs.