The Group of Eight major countries have reached a basic agreement on the framework of a fund proposed by U.N. Secretary General Kofi Annan to promote the international crusade against AIDS, G8 sources said.

Under the basic G8 agreement, the proposed AIDS fund will be overseen by an independent governing board to be established as the top decision-making body concerning the fund, instead of by the U.N. or the World Bank, as expected earlier, the sources said Friday.

A technical advisory panel of medical and other experts will also be set up to provide advice and expertise to the governing board, the sources said.