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A new partnership agreement between the African Export-Import Bank and Africa CDC has resulted in the unveiling of a US$2 billion facility aimed at supporting health and pharmaceutical products manufacturing in Africa.
The announcement was made during the Global Forum for Vaccine Sovereignty and Innovation in Paris, France.
Afreximbank has committed the funds to the "Africa Health Security Investment Plan" in order to boost the continent's health product manufacturing efforts.
This initiative will prioritize the African Pooled Procurement Mechanism and the Platform for Harmonised African Health Products Manufacturing, with the goal of addressing health investment challenges, promoting economic development, and enhancing health security across Africa.
The statement also mentioned that African pharmaceutical companies were heavily affected by the global health, security, and economic challenges, despite being the main contributors to investments and technological advancements required by the health sector.
Factors such as low investor confidence, inadequate infrastructure, trade barriers, and regulatory obstacles are hindering investment in Africa's health sector.
The availability of funds does not always lead to actual investments due to various financial and non-financial barriers. It is crucial for coordinated efforts at the continental level to address these challenges and align with the goals of the New Public Health Order.
Bridging the investment gap is essential for the African Union's aim to locally manufacture 60% of required vaccines by 2040 and implement necessary measures for self-reliance during crises like pandemics.
Prof. Benedict Orama, President of Afreximbank, expressed enthusiasm for the signing, emphasizing the facility's role in enhancing health and pharmaceutical manufacturing in Africa.
Afreximbank intends to support this facility with equity investments through its subsidiary FEDA.
The Director General of Africa CDC, Jean Kaseya, emphasized the importance of investing in self-reliance for health counter-measures to safeguard Africa's health in the future.
