UN says $39 bln would stem child pneumonia deaths

* $12.9 per child could save 5.3 million lives by 2015

* Pneumonia is world's biggest child killer

* 98 pct of pneumonia deaths are in 68 high risk nations

By Kate Kelland

LONDON, Nov 2 (Reuters) - Pneumonia kills more young children than any other disease, but an investment of $39 billion, or just $12.9 per child, could save 5.3 million lives in developing countries by 2015, the U.N. said on Monday.

The disease, which attacks the lungs, kills 1.8 million children under the age of five every year, but despite this toll, relatively few resources are put into tackling it, the World Health Organisation and U.N. Children's Fund said.

They made a joint appeal to fund a six-year plan for pneumonia prevention and treatment in 68 developing countries, mostly in Africa and Asia, plus parts of Central and South America, where it is prevalent.

"We know the strategy will work, and if it is applied in every high-burden country, we will be able to prevent millions of deaths," Margaret Chan, director general of the World Health Organisation, said.