Gates Foundation and JPMorgan Launch Medical Investment Fund

The Bill & Melinda Gates Foundation, JPMorgan Chase, and major pharmaceutical firms have formed an investment fund to back development of life-saving clinical technologies for use in the developing world, Bloomberg writes.

The governments of Canada and Germany and the Children’s Investment Fund Foundation have also committed to financing the Global Health Investment Fund, which will tackle malaria, tuberculosis, HIV, maternal and infant mortality, and other global health problems.

According to the Institute for Health Metrics and Evaluation, the United States and other governments cut aid to developing nations by 4.4 percent last year. The new fund “demonstrates the potential for innovative collaborations and thoughtful financial structures to mobilize new sources of capital for social challenges,” JPMorgan Chase CEO Jamie Dimon said.