AfDB, BOI sign $75m deal to boost local healthcare manufacturing
The African Export-Import Bank and Nigeria’s Bank of Industry have finalized a $75 million financing agreement to assist local manufacturers as part of Nigeria’s Presidential Initiative for Unlocking the Healthcare Value Chain.
This agreement, officially signed on Thursday at the inauguration of Afreximbank’s African Medical Centre of Excellence in Abuja, aims to enhance the local production of generic medications, vaccines, biologics, and medical equipment.
The PVAC, a key initiative from the Federal Government of Nigeria, aims to improve local manufacturing capabilities within the healthcare industry.
The signing event, which included Vice President Kashim Shettima representing President Bola Tinubu and other high-ranking officials, was a major milestone toward accomplishing this objective.
The deal was concluded between BOI’s CEO, Olasupo Olusi, and representatives from Afreximbank at the ceremony.
In a related announcement, Afreximbank launched its African Life Sciences Foundation and Endowment Fund in collaboration with Vice President Shettima and Afreximbank President Prof. Benedict Oramah. This fund will promote research and development for medicines and interventions aimed at African demographics.
Afreximbank also revealed a €100 million trade finance facility for the Development Bank of the Central African States, marking its initial venture capital investment in drug development and commercialization, and partnered with King’s College London to set up a Medical and Nursing School at the AMCE in Abuja.
During the event, VP Shettima praised the AMCE as a symbol of hope for the continent. He acknowledged the partnership between AMCE and King’s College Hospital in London as a foundation for strengthening African medical expertise. He noted that sustainable advancements in healthcare rely on strong systems, stating, “No intervention lasts without the structures to support it.” Shettima expressed his appreciation for the exceptional quality evident in the AMCE facility.
“We have established a foundation for African medical professionals who will not only remain here but will be empowered,” he remarked, emphasizing the transition from “Japa” (leaving the country) to “Japada” (returning to the country).
In her speech, the Minister of Finance referred to the AMCE as an impressive structure, developed with at least $400 million from private investments.
Edun highlighted that this initiative signifies a substantial investment in Nigeria and the larger African continent.
The African Medical Centre of Excellence (AMCE) CEO, Brian Deaver, promised that patients would receive a new level of care characterized by excellence.
“We are grateful to Afreximbank, not just for funding this pivotal project, but for recognizing that Africa deserves healthcare that is not just good, but great,” he stated.
He thanked the Federal Government of Nigeria for its consistent support throughout this project.
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