The Global Fund to Fight AIDS, Tuberculosis and Malaria has received a major financial boost with a $750 million promissory note from the Bill and Melinda Gates Foundation. The promissory note, announced at the World Economic Forum in Davos, Switzerland, was hailed as an innovative funding mechanism.

“These are tough economic times, but that is no excuse for cutting aid to the world’s poorest," said Bill Gates, co-chair of the Gates Foundation. “The Global Fund is one of the most effective ways we invest our money every year.” The new commitment is in addition to the $650 million the Gates Foundation has already contributed since the Global Fund was launched 10 years ago at the World Economic Forum.

The Gates Foundation said providing funding through a promissory note gives the Global Fund the flexibility and authority to distribute money efficiently based on immediate needs, leading to greater impact. Global Fund financing helps developing countries fight AIDS, tuberculosis and malaria. The public-private partnership strives to create economic opportunity and make those living in poverty less dependent on aid.

Since 2002, investments in the Global Fund have financed prevention and treatment programs in 150 countries with high burdens of disease. The Global Fund’s work is credited with saving 100,000 lives a month. It provides antiretroviral treatment to 3.3 million people. It has also has detected and treated 8.2 million people with tuberculosis and provided 230 million bed nets to families to prevent malaria.

Gates challenged global leaders to invest in innovations that are accelerating progress against poverty or, he says, risk a future where millions needlessly die. While there has been tremendous progress against AIDS, TB and malaria, Gates says more must be done. Through unique partnerships and new financing mechanisms, the global community has the opportunity to have an even greater impact and save more lives, he says.