AFRICA – The African Export-Import Bank (Afreximbank) and the Africa Centers for Disease Control and Prevention (Africa CDC) have reaffirmed their commitment to transforming Africa’s health sector by signing a new cooperation agreement.
Announced during the Global Forum for Vaccine Sovereignty and Innovation in Paris, France, this renewed partnership includes a groundbreaking US $2 billion facility under the Africa Health Security Investment Plan.
The plan aims to bolster the continent’s health product manufacturing capacity, focusing on the African Pooled Procurement Mechanism (APPM) and the Platform for Harmonized African Health Products Manufacturing (PHAHM).
A game-changer for Africa’s health and economic landscape
This collaboration addresses a critical challenge: Africa’s heavy reliance on imported pharmaceuticals, which weakens health security during crises like pandemics.
Despite contributing to 25% of the global disease burden, Africa imports over 80% of its medical and pharmaceutical products.
Afreximbank’s funding will enable the development of local manufacturing capabilities, aligning with the African Union’s ambition of producing 60% of its vaccines locally by 2040.
Prof. Benedict Oramah, President of Afreximbank, expressed optimism about the partnership’s impact:
“We are pleased to be part of yet another momentous event that will change the course of health security in Africa. This facility will strengthen the manufacturing of health and pharmaceutical products through interventions such as project preparation funding, trade finance, and guarantees. We also intend to invest equity through our subsidiary, FEDA – the Fund for Export Development into Africa.”
Dr. Jean Kaseya, Director General of Africa CDC, echoed these sentiments, highlighting the transformative potential of the partnership:
“Today is a big day for African vaccine and health products manufacturing as we welcome these major investment announcements. Protecting our future means investing in self-reliance on health countermeasures—vital to safeguarding Africa’s health.”
Key pillars of the Africa Health Security Investment Plan
The initiative is built on three strategic pillars aimed at addressing investment bottlenecks and fostering an environment conducive to sustainable growth:
Overcoming challenges in Africa’s health sector
Africa’s pharmaceutical industry faces hurdles such as fragmented supply chains, regulatory inconsistencies, and infrastructure deficits.
These challenges hinder investment, even with available funding. Afreximbank’s facility seeks to bridge this gap by providing a coordinated, continent-wide framework to drive health innovation and manufacturing.
Moreover, the collaboration aligns with global initiatives like GAVI’s African Vaccine Manufacturing Accelerator (AVMA), which plans to inject US $1 billion into Africa’s health manufacturing sector over the next decade.
Unlocking Africa’s health and economic potential
Afreximbank’s broader mandate includes supporting the African Continental Free Trade Agreement (AfCFTA) by enhancing intra-African trade and economic integration.
The Bank’s Pan-African Payment and Settlement System (PAPSS) and its US $10 billion AfCFTA Adjustment Fund underscore its dedication to economic transformation.
By prioritizing health security, the partnership between Afreximbank and Africa CDC not only strengthens Africa’s healthcare systems but also unlocks economic opportunities across the continent.
This initiative is a vital step in building resilient, self-reliant health systems capable of addressing future challenges.
