The report, led by the World Health Organization, found that the number of new HIV infections has dropped by 15 percent in the past decade. It also reported a 22 percent decrease in AIDS-related deaths over the past five years.

UN Secretary-General Ban Ki-moon said the world is "finally in a position to end the epidemic," but urged international donors to meet the estimated US$24 billion needed annually to fully fund global initiatives.

The report, released one day before World AIDS Day on December 1, said that financial cutbacks by governments and aid groups led to a drop of nearly US$1 billion in domestic and international HIV funding in 2010.

The UN estimates that 34 million people around the world are living with HIV.