Gates pledges further 750 million US dollars to troubled AIDS fund

"We're making a new commitment in a somewhat special form we've worked out with the Global Fund, in the form of a promissory note that it's a commitment of an additional 750 million dollars," Gates told reporters at the annual meeting of the World Economic Forum in Davos.

"And the way we're doing that, it frees up funds, global funds so that they can immediately use the money, continue to save lives, whether it's bed nets or TB treatment, those are two diseases that don't perhaps get the visibility of the work done in HIV, but they're every bit as important."

Also attending the news conference was former Japanese Prime Minister Naoto Kan, who reiterated his country's support for the fund.

"The European debt crisis is shaking the world economy, which in turn seriously affects the financial situation of the Global Fund, but that doesn't mean the significance or meaningfulness of this Global Fund is less. And the reform of the Global Fund itself should be addressed without delay to increase its transparency. We sincerely wish that the Global Fund will take special note of Japanese determination and commitment to save many more lives in the world," said Kan.

The Global Fund to Fight AIDS, Tuberculosis and Malaria announced two days ago that its executive director, Michel Kazatchkine, was stepping down early following criticism over misuse of funds and cuts in funding.

The public-private organization, based in Geneva, accounts for around a quarter of international financing to fight HIV and AIDS, as well as the majority of funds to fight TB and malaria.

But it has been forced to cut back and said last year it would make no new grants or funding until 2014.

The Bill & Melinda Gates Foundation is giving 750 million USD through a promissory note -- a fresh injection in addition to the 650 million USD that the Gates charity has contributed since the fund was launched 10 years ago.