EIB and Afreximbank Launch EUR 200 million Health Investment Initiative in Sub-Saharan Africa
Collaboration to Enhance Healthcare and Pharmaceutical Investment and Strengthen Health Resilience
The European Investment Bank (EIB), the world’s largest multilateral bank, and Afreximbank, the pan-African multilateral financial institution, have announced a strategic partnership aimed at bolstering healthcare and pharmaceutical investment across sub-Saharan Africa. The joint initiative, valued at EUR 200 million, was formally unveiled at the 5th United Nations Conference on Least Developed Countries in Doha, Qatar.
As part of Team Europe, the European Investment Bank supports high-impact health investments around the world.
The collaborative effort between the EIB and Afreximbank seeks to address critical healthcare challenges in the region while improving health resilience. By increasing access to healthcare services and supporting the production of safe and affordable medicines, the partners aim to combat prevalent diseases and enhance public health outcomes across sub-Saharan Africa.
Under the new health investment initiative, each institution will contribute EUR 100 million, marking the EIB’s first dedicated backing for intermediated health investment in Africa. The project forms part of the European Union Global Gateway initiative and has been meticulously designed by experts from both organizations to unlock vital investments in the healthcare sector.
With a focus on improving healthcare infrastructure and scaling up pharmaceutical production, the initiative aims to tackle diseases such as cancer, HIV, malaria, and tuberculosis. The partners will invest in the construction and equipping of clinics and hospitals, facilitating the swift treatment of communicable diseases and reducing infant mortality rates. Moreover, the collaboration aims to address the chronic shortage of essential medicines in the region, ensuring their availability to combat life-threatening ailments and improve maternal and child health.
Thomas Östros, Vice President of the European Investment Bank, emphasized the significance of the initiative: “As part of Team Europe, the European Investment Bank supports high-impact health investment around the world. The new EIB-Afreximbank health resilience initiative will unlock EUR 200 million of financing to strengthen health resilience across sub-Saharan Africa by improving access to healthcare and increasing local pharmaceutical manufacturing. This targeted financing cooperation between the EIB and leading financial partner Afreximbank demonstrates how partnership between Europe and Africa is improving lives and unlocking priority health investment.”
Mr. Denys Denya, Executive Vice President of Afreximbank, highlighted the urgency of the collaboration in light of the COVID-19 pandemic: “The coronavirus pandemic highlighted how the health of millions of Africans is uniquely threatened by limited access to both effective healthcare and affordable medicines. Afreximbank is pleased to join forces with the European Investment Bank to provide a co-lending facility of EUR 200 million to improve effective responses to health challenges across sub-Saharan Africa. This investment will build on the success of our existing cooperation designed to enhance access to finance by companies impacted by the pandemic and climate change-induced challenges.”
The partnership between the EIB and Afreximbank builds on their respective track records in supporting healthcare investments. Since the onset of the COVID-19 pandemic, the EIB has provided over EUR 12 billion globally for health-related projects, including vaccine development, hospital upgrades, and medical education. The bank has been actively involved in supporting health and healthcare investments in various African countries, contributing to the COVAX Covid vaccine initiative across the continent.
Afreximbank has played a pivotal role in Africa’s response to the COVID-19 crisis. Through initiatives like the Africa Medical Supplies Platform (AMSP) and the AVAT program, the financial institution has disbursed more than $7 billion to help member countries mitigate the adverse impacts of the pandemic on their economies and healthcare systems.
The EIB and Afreximbank collaboration signifies a milestone in enhancing healthcare and pharmaceutical investment in sub-Saharan Africa. By leveraging their financial resources, expertise, and global partnerships,
