H.E. Dr. Jean Kaseya, Director General, Africa CDC (left) shakes hands with Prof. Benedict Oramah, President and Chairman of the Board of Directors of AfreximbankThe African Export-Import Bank (Afreximbank) and the Africa Centers for Disease Control and Prevention (Africa CDC) have announced a renewed partnership to enhance Africa’s health and pharmaceutical manufacturing capabilities.
At the Global Forum for Vaccine Sovereignty and Innovation in Paris, Afreximbank committed a $2 billion facility to the "Africa Health Security Investment Plan," aiming to support the continent’s health product manufacturing ambitions. This initiative will leverage mechanisms such as the African Pooled Procurement Mechanism (APPM) and the Platform for Harmonized African Health Products Manufacturing (PHAHM).
The "Africa Health Security Investment Plan" addresses critical challenges in Africa’s health sector, including low investor confidence, inadequate infrastructure, and regulatory hurdles. These barriers have historically hindered investment in African pharmaceutical companies, crucial for technological advancements and economic development in the health sector.
Prof. Benedict Oramah, President and Chairman of the Board of Directors at Afreximbank, emphasized the facility's importance, stating, "We are pleased to be part of yet another momentous event that will change the course of health security in Africa. This facility will help strengthen the manufacturing of health and pharmaceutical products in Africa through our comprehensive and existing interventions such as Project Preparation funding, Project and Trade Finance, and Guarantees."
The initiative is pivotal not only for health security but also for economic growth across the continent. It aims to complement the African Vaccine Manufacturing Accelerator (AVMA), an innovative financing mechanism by GAVI. It plans to provide up to $1 billion in funding to African health product manufacturers over the next decade.
H.E. Dr Jean Kaseya, Director General of the Africa CDC, highlighted the broader impact of the initiative, saying, "Today is a big day for African vaccine manufacturing as well as health products manufacturing in general. Protecting our future means investing in our ability to achieve self-reliance on all health countermeasures; vital to accomplish our mission of safeguarding Africa’s health."
The investment plan includes technical assistance for health project preparation, an investment project pipeline for transparency, and regulatory support to remove barriers. These measures aim to bolster Africa's health and pharmaceutical manufacturing and enhance economic self-reliance.
The renewed partnership between Afreximbank and Africa CDC represents a significant step towards the African Union’s goal of manufacturing 60% of locally needed vaccines by 2040. This goal is part of a broader strategy to ensure the continent’s self-reliance in health security, particularly during crises such as pandemics and outbreaks.
Article by Jed Mwangi
Photo/Afreximbank
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