Gates Injects $750 Million in Troubled Global Fund

On Thursday at the World Economic Forum in Davos, Switzerland, Bill Gates announced a $750 million infusion to the beleaguered Global Fund to Fight AIDS, TB and Malaria. The Microsoft founder said the Bill & Melinda Gates Foundation’s new pledge, which comes on top of the $650 million it contributed to the fund during the past decade, is meant to encourage business elite attending the meeting to support development investments.

“These are tough economic times, but that is no excuse for cutting aid to the world’s poorest,” Gates said.

Donor backlash over the mismanagement of money by four recipient countries caused the $23 billion fund to cancel more than $1 billion in new awards late last year. Dr. Michel Kazatchkine earlier this week resigned as the fund’s executive director. The promissory note from the Gates Foundation means the fund “can immediately use the money and save lives,” said Gates.

Gates also said he hoped that lending his credibility to the fund would reassure other donors. “The internal checks and balances have worked in every case,” he told reporters, noting it was “disappointing” to see how people have focused on a “small misuse of funds.”

Former Japanese Prime Minister Naoto Kan said his nation has contributed $1.3 billion to the fund. “The European debt crisis is shaking the world economy, which in turn seriously affects the fortunes of the Global Fund. But it doesn’t mean the significance of the Global Fund is less,” said Kan. He added, however, that the Global Fund’s “transparency,” which includes uncovering and publicizing the money mismanagement crisis, must be maintained.

The Friends of AIDS Foundation is dedicated to enhancing the quality of life for HIV positive individuals and empowering people to make healthy choices to prevent the spread of the HIV virus. To learn more about The Friends of AIDS Foundation, please visit: http://www.friendsofaids.org.

TOGETHER WE REMAIN STRONG!