Afreximbank, BoI Sign $75m Funding Support For Local Healthcare Manufacturers

The African Export-Import Bank (Afreximbank) and the Bank of Industry (BoI) have formalized a $75 million financing agreement to bolster local manufacturers as part of Nigeria’s Presidential Initiative for Unlocking the Healthcare Value Chain (PVAC).

This initiative, driven by the federal government, seeks to significantly enhance domestic production of generic pharmaceuticals, vaccines, biologics, and medical devices.

The agreement was signed during the commissioning of Afreximbank’s African Medical Centre of Excellence (AMCE) in Abuja, attended by Vice President Kashim Shettima last week. At the same event, Shettima, alongside Afreximbank President Prof. Benedict Oramah, launched the African Life Sciences Foundation (AfLSF) and its associated Endowment Fund.

This fund aims to foster research and development of drugs and interventions tailored to the needs of people of African descent.

Beyond the $75 million deal with BoI, Afreximbank also entered into a 100 million Euro trade finance facility agreement with the Development Bank of the Central African States (BDEAC).

Additionally, the bank made its inaugural venture capital investment in drug development and commercialization under the Afreximbank Group and signed a terms of agreement with King’s College London (KCL) to establish a Medical and Nursing School at the AMCE in Abuja.

Vice President Shettima commended the collaboration between AMCE and King’s College Hospital, London, emphasizing its role in building a foundation for African medical specialists.

“No medical intervention can endure unless we build the systems that sustain them. We have laid the foundation for African medical specialists who will no longer be exported but empowered,” he stated.

Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, highlighted that the partnerships surrounding AMCE will enhance Nigeria’s foreign exchange earnings and curb the emigration of skilled medical professionals trained in Nigeria.

He noted that this will strengthen the economy and provide comprehensive medical care for patients.

Brian Deaver, CEO of the African Medical Centre of Excellence (AMCE), affirmed that the facility will set a new benchmark for healthcare quality.

“We thank Afreximbank not only for financing this transformative project but for believing that Africa deserves not just good, but great healthcare,” he said.