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In the midst of round-the-clock meetings between the rich and powerful at the WEF Annual Meeting in Davos, the Bill and Melinda Gates Foundation, on Thursday, committed $750 million to fighting AIDS, tuberculosis and malaria in developing countries.
The foundation is providing the money to The Global Fund to fight AIDS, tuberculosis and malaria through a promissory note, co-chair Bill Gates said.
"These are tough economic times, but that is no excuse for cutting aid to the world's poorest," he added.
The promissory note funding would allow the Global Fund the flexibility and authority to distribute funds efficiently based on immediate needs.
Gates told the journalists here that his foundation has been putting money every year in the Global Fund, which is supported by various governments and others, The fund was launched ten years ago at the World Economic Forum itself and the Gates Foundation has invested $650 million in it since then.
"By supporting the Global Fund, we can help to change the fortunes of the poorest countries in the world, I can't think of a more important work," he added.
A public-private partnership, Global Fund financing helps developing countries fight against AIDS, tuberculosis and malaria.
Among other countries, Japan has contributed more than $1 billion to the Global Fund, Japan's former Prime Minister Naoto Kan told journalists here and also announced his personal commitment to contribute to this fund.
Global Fund Chairman Simon Bland said the fund is ranked among the most transparent in the world and it tries to ensure that there is no misuse, as the funds also come from taxpayers' money.
Image: Microsoft founder Bill Gates attends a session at the World Economic Forum in Davos on January 26, 2012. | Photograph: Christian Hartmann/Reuters