U.S. Markets closed

AIDS fund sees new conditions set on donor money

GENEVA (AP) -- The new head of a $23 billion health fund stung by donor complaints about past financial losses says France and possibly other nations will require it to devote a portion of contributions to "capacity-building" rather than disease-fighting.

Gabriel Jaramillo, general manager of the Global Fund to Fight AIDS, Tuberculosis and Malaria, says France — whose nearly $2.9 billion in donations make it the fund's second-largest contributor after the U.S. — will start requiring 5 percent of its money go to tighten financial accountability among grant recipients.

Jaramillo said in an interview Friday that more nations also might add the requirement, but some, such as the U.S., already do.

He began a one-year post in February and hopes to quell donor backlash and impose financial reforms.