Beleaguered Global Fund Receives Financial Boost

The Bill & Melinda Gates Foundation (Seattle, WA, USA) has pledged USD 750 million to the struggling Global Fund to Fight AIDS, Tuberculosis, and Malaria (Geneva, Switzerland).

The pledge, made by Microsoft founder Bill Gates at the World Economic Forum, held during January 2012 in Davos (Switzerland), comes on top of the 650 million the Gates Foundation has contributed to the fund over the past decade, and is intended to encourage other potential donors to join the fight against what are believed to be three of world's worst killer diseases. The Global Fund has so far provided antiretroviral treatment to 3.3 million people, detected and treated 8.2 million people with tuberculosis, and has given 230 million bed nets to families to prevent malaria over its 10-year existence.

The move follows a donor backlash following reported losses of tens of millions of dollars to corruption, misuse, and undocumented spending, including several million USD to benefit charity activities of France's first lady, Carla Bruni-Sarkozy. The allegations prompted the organization to cancel more than one billion in new spending during 2011 and drove a series of reforms in the USD 23 billion global fund, including the decision to create a new position of general manager to chart a new direction; as a result, the fund's executive director, Michel Kazatchkine, MD, has announced his resignation.

“I think we can't be more transparent than we have been. We're by far the most transparent organization in development,” said Dr. Kazatchkine at a press conference at Davos, denying the corruption charges. “Fighting corruption, yes, of course, and I have repeatedly said zero tolerance for corruption. Yet we also have to recognize that this business is not without risk. And risk, or the sense of risk, can also paralyze action.”

The pledge follows efforts by Mr. Gates during the last year to persuade other billionaires to give away most of their wealth in their lifetime or in their will to the Gates Foundation. In the latest annual letter detailing his foundation's activities, he notes that 69 people have signed up to the idea so far, including Warren Buffett, who has made contributions of more than 9.5 billion so far, and Mark Zuckerberg, cofounder of Facebook. The Gates Foundation has made total grant commitments of 26.19 billion since its inception in 1994.

Related Links:
Bill & Melinda Gates Foundation
Global Fund to Fight AIDS, Tuberculosis, and Malaria