Dhaka, Nov. 21 -- A global health initiative that works to fight AIDS, tuberculosis, and malaria has raised $11.34 billion at an event in Johannesburg on Friday, below its target for work from 2027-2029.

The Geneva-based Global Fund to Fight AIDS, Tuberculosis, and Malaria is trying to raise $18 billion for its work in a challenging climate for global health funding that has seen many big donors retreat following an aid overhaul in the United States under President Donald Trump.

"Money will be tight, so we must be smarter," the Global Fund's executive director, Peter Sands, said at the event on the sidelines of a summit of the Group of 20, which brings together the world's 20 biggest economies.

He said "the old model" of development fu...