Geneva, Switzerland - April 2002

During the third meeting of the Board, in addition to establishing committees to support the ongoing work of the Global Fund and adopting policies on governance, the Board agreed to landmark policies on drug procurement. They specify that Global Fund financing must be used to purchase quality-assured medicines at the lowest possible price, consistent with applicable law and international agreements, following international competitive tender. Coupled with an agreement to publish transparently the prices paid by recipients for medicines, the policies of the Board opened the door for developing countries to buy unprecedented volumes of generic and patented medicines.

The Global Fund also issued its first financial prospectus to specify the growing need for resources to finance ongoing proposal rounds and to sustain effective programs once approved.

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