A global health fund has raised one-third of the 18 billion that says the disaster caused by the coronavirus epidemic must be averted and AIDS, malaria and tuberculosis must be tackled.
The Global Fund to Fight AIDS, Tuberculosis and Malaria announced the first pledge from the private sector next to the World Economic Forum in Davos on Tuesday.
Comic Relief US’s $ 10 million pledge unlocks the Bill & Melinda Gates Foundation’s $ 30 million pledge.
The fund has set a target of raising 18 billion in 2024-2026. US President Joe Biden, who will host an upcoming conference, has already hinted at a 6 billion pledge.
Executive Director Peter Sands says the healthcare disruption caused by COVID-19 around the world has been reversed in the testing and treatment of three deadly diseases.
The donor environment has also changed dramatically since 2019 when funding met the 14 billion target.
Sands said the epidemic, the war in Ukraine and the growing economic headwind are affecting investment. Governments are in the process of changing their budget allocations for COVID-19, and some are now pledging money to help Ukraine.
Private sector subsidies are also being affected by recent market losses.
“It’s a challenging time to raise big money,” Sands said.
(Except for the title, this story was not edited by NDTV staff and was published from a syndicated feed.)