Bill & Melinda Gates Foundation commits $750m to Global Fund

The Bill & Melinda Gates Foundation has committed an amount of $750 million to the Global Fund to Fight AIDS, Tuberculosis and Malaria.

Mr. Bill Gates, Co-Chair of the Gates Foundation, on January 26, 2012 made the announcement at the ongoing 2012 World Economic Forum (WEF) Annual Meeting in Davos-Klosters, Switzerland.

“The Gates Foundation is giving $750 million through a promissory note – a new and innovative funding mechanism,” the WEF said in a statement copied to ghanabusinessnews.com.

Providing funding through a promissory note gives the Global Fund the flexibility and authority to distribute funds efficiently based on immediate needs, leading to greater impact.

“These are tough economic times, but that is no excuse for cutting aid to the world’s poorest. The Global Fund is one of the most effective ways we invest our money in every year,” the statement quoted Bill Gates as saying.

“By supporting the Global Fund, we can help to change the fortunes of the poorest countries in the world,” Gates added.

The new commitment is in addition to the $650 million the Gates Foundation has already contributed since the Global Fund was launched 10 years ago, according to the statement.

The Global Fund financing helps developing countries fighting against AIDS, tuberculosis and malaria. This public-private partnership creates economic opportunity and makes those living in poverty less dependent on aid.

By Ekow Quandzie