(Ecofin Agency) – The financing facility is consistent with the objectives of the African Union (AU), which aims to produce 60% of the vaccine needs of African countries on the continent by 2040 compared to less than 1% currently.
The African Export-Import Bank (Afreximbank) and the African Centers for Disease Prevention and Control (Africa CDC) announced, in a joint press release published this Thursday, June 20, 2024, the signing of a cooperation agreement which provides the mobilization by the financial institution of an envelope of 2 billion dollars to support the manufacturing of pharmaceutical products in Africa.
Under the terms of the agreement announced on the sidelines of the Global Forum for Vaccine Innovation and Sovereignty being held in Paris, this facility will focus on mobilizing financing for the African Procurement Pooling Mechanism (APPM) and the Platform for Harmonized Manufacturing of Health Products in Africa (PHAHM).
It also complements the African Vaccine Manufacturing Accelerator (AVMA), a financing instrument of the Vaccine Alliance (formerly Global Alliance for Vaccines and Immunization/Gavi) which is expected to provide up to $2 billion in financing to African manufacturers of pharmaceutical and health products over the next ten years.
The financing facility is consistent with the objectives of the African Union (AU), which aims to produce 60% of the vaccine needs of African countries on the continent, by 2040 compared to less than 1% today, with objectives intermediates by 10% by 2025 and 30% by 2030.
“This facility will help strengthen pharmaceutical and healthcare manufacturing in Africa through our comprehensive and existing interventions such as project preparation financing, project and trade financing as well as guarantees. In addition, we intend to put our weight behind it by investing equity through our subsidiary FEDA (Fund for Export Development in Africa)”declared the chairman of the board of directors of Afreximbank, Benedict Oramah, quoted in the press release.
“Today is a great day for vaccine manufacturing in Africa and for health product manufacturing in general, as we look forward to these major investment announcements that will change the face of the industry in Africa for years future. Protecting our future means investing in our ability to achieve self-sufficiency,” for his part welcomed the Director General of the Africa CDC, Dr Jean Kaseya.
Also read:
08/12/2023 – Gavi Alliance will mobilize $1 billion to support vaccine manufacturing in Africa
15/12/2023 – South African Biovac will increase its vaccine production in Africa, thanks to a $7 million loan from the IFC
10/12/2023 – Doha Forum: Senegal aims to produce 300 million doses of vaccines for Africa (Macky Sall)
03/12/2021 – When Africa tries to gain independence in the supply of pharmaceutical products
