Gates and Ray Chambers, the UN secretary-general's special envoy for malaria, said getting rid of the parasitic disease could ultimately save 11 million lives and provide USD 2 trillion in economic benefits. In a statement, Gates described eradication as "the only sustainable solution."
His foundation has been one of the major donors to malaria eradication programs.
The report calls for a doubling of the money spent on malaria by 2025 and new ways to control the mosquitoes that spread the disease.
About 500,000 children are killed by malaria every year and it's unknown whether cases are going up or down in the worst-hit countries.
Despite a regulatory approval recommendation for the world's first malaria vaccine, the shot only protects about one third of children. Resistance to many malaria drugs has been detected and more than a third of people at risk have no protective bed nets.
Officials are also still struggling to wipe out guinea worm and polio. Smallpox is the only disease to have been eradicated.
"Grand and glitzy eradication campaigns overlook the real necessity of financing everyday health systems," she said.
Harman also doubted whether the 2040 goal was realistic, citing the previously missed polio targets. WHO had originally hoped to get rid of polio by 2000.
"These dates seem increasingly arbitrary and gloss over all the previous dates we've heard before," she added.
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