Davos: Lauding the efforts of corporate sector in improving lives of millions of people world-wide, Microsoft chairman William Gates said the "capitalism" needs to pay more attention to the neglected communities living in poverty.

"Cures for malaria, which kills over a million a year, receive less attention than cures for baldness," Gates said, while addressing CEOs and political leaders at World Economic Forum meeting here.

Gates, co-founder of Microsoft, also announced to set up a $306 million fund for agriculture development in Africa and other sectors aimed at raising the income level of millions of farmers in rural areas.

The Bill and Melinda Gates Foundation, which has concentrated on improving health in poor parts of the world, has decided it is time to improve agriculture, he told reporters.

Announcing the grant, Gates said, "If we are going to find a sustainable way to help those who can't pay, we have to use self-interest and caring - capitalism and philanthropy - to direct attention to people who have been left behind."

Gates also cited a partnership between the World Health Organisation and an Indian pharmaceutical company to sell a meningitis vaccine at a controlled price affordable to the poor in Africa.

Gates, however, said much needed to be done. There are still one billion people in the world who subsist on less than one dollar a day and have no access to clean water, electricity and other essentials that most people take for granted, he said.

Source : PTI