Bill Gates announced yesterday that by 2016, its foundation will pump $ 750 million into the Global Fund against AIDS, tuberculosis and malaria.
Gates, who made the announcement at the World Economic Forum in Davos, Switzerland, noted that the Bill & Melinda Gates Foundation has already committed $ 650 million to the Global Fund, making it the most largest nongovernmental donor. "I am convinced that this is one of the most effective ways we invest our money every year, and I always ask other donors to join us to get so much for our money," writes Gates in a letter published in the Davos forum yesterday. Donor countries contributed $ 20.7 billion to date and pledged $ 8.2 billion more.
The new grant from the Gates Foundation in the form of a "promissory note" account which is legally binding and that the money in the bank to cover signed grants, although the money does not need to be submitted to the global Fund immediately. the global Fund plans to pay $ 10 billion in aid between 2011 and 2013, although Gates noted in his letter, this is "not nearly $ 12- $ 14 billion is needed and hoped for. "
Following financial problems of the fund, its executive director, Michel Kazatchkine, announced earlier this week that he will leave in mid-March. His decision follows the appointment of a general manager who will assume many of the responsibilities Kazatchkine board.
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