Global Fund Forecasts $1.6 billion in Available Funds for 2012-2014

GENEVA, May 9, 2012 /PRNewswire/ -- A new financial forecast by the Global Fund to Fight AIDS, Tuberculosis and Malaria estimates that more than $1.6 billion in additional funding will be available in the 2012-14 period for investment in projects that save lives.

The new forecast is a result of strategic decisions made by the Board, freeing up funds that can be invested in countries where there is the most pressing demand, and adopting a plan to transform the Global Fund that has created multiple positive effects, including improved financial supervision and overall efficiency. Like any forecast, it is subject to fluctuation and change in coming months.

"This forecast is better than expected, and it comes from the fantastic response we are getting to our transformation," said Gabriel Jaramillo, who became General Manager of the Global Fund in February, 2012. "But we need more to get the job done. Countries that implement our grants are saving more and more people, but demand for services is still enormous. With more money, we can save more lives."

On 10 May, Mr. Jaramillo will report to the Board of the Global Fund on a sweeping reorganization, focusing on the core business of grant management by significantly increasing the number of staff working in that area while streamlining staffing in supporting departments and taking steps to radically improve management. 

Renewed confidence in the effectiveness of the Global Fund has led to new donations from some countries, and accelerated donations from others. Still others volunteered to forgo some funds in favor of less fortunate nations that have more pressing needs.

A first portion of the available funding can be put to work as soon as up to $616 million in grant requests are reviewed by the Technical Review Panel and then approved by the Board. Investing the additional $1 billion most effectively will be the subject of consultations with countries and partners.

The enhanced forecast will enable the organization to accelerate funding in a more continuous and effective way to support a more rapid implementation of the Global Fund's new 2012-2016 Strategy.

"By getting ourselves onto a sound financial footing and transforming the way we do business, we can now accelerate funding and we can make significant progress towards the Millennium Development Goals," said Simon Bland, Chairman of the Board of the Global Fund. "If we continue to get the support we need, we can make an enormous difference."

SOURCE The Global Fund