U.S. philanthropist Bill Gates will give $750 million to the Global Fund to Fight AIDS, Tuberculosis and Malaria, he said Thursday at the World Economic Forum.
Gates, Microsoft co-founder and co-chair of the Bill & Melinda Gates Foundation, said the money will be given through a promissory note that gives the Global Fund the flexibility and authority to distribute funds efficiently based on immediate needs.
"By supporting the Global Fund, we can help to change the fortunes of the poorest countries in the world," Gates said Thursday in Davos, Switzerland. "I can't think of more important work."
Gates said tough economic times are no excuse for cutting aid to the world's poorest.
"The Global Fund is one of the most effective ways we invest our money every year," he said.
The Gates Foundation has been a strong supporter of the Global Fund since its creation in 2002. It has previously contributed $650 million and Thursday's announcement brings its total investment in the Global Fund to $1.4 billion.
Since 2002, the Global Fund has financed prevention and treatment programs in 150 countries, saving 100,000 lives a month, the Gates Foundation said in a release. The Global Fund said it has provided antiretroviral treatment to 3.3 million people, detected and treated 8.2 million people with tuberculosis, and provided 230 million bed nets to families to prevent malaria.