The African Export-import Bank (Afreximbank) and Bank of Industry (BoI) have signed a $75 million financing term sheet to support local manufacturers under the Presidential Initiative for Unlocking the Healthcare Value Chain (PVAC) in Nigeria.
The PVAC is a federal government strategy aimed at achieving a measurable increase in the domestic manufacturing of generic pharmaceuticals, vaccines, biologics, and medical devices.
The financing term sheet was signed, last week, at the commissioning ceremony of the bank’s African Medical Centre of Excellence (AMCE) by Vice President Kashim Shettima in Abuja.
At the event, the vice president along with Afreximbank President, Prof. Benedict Oramah, unveiled the bank’s “African Life Sciences Foundation (AfLSF) and Endowment Fund”.
The fund was created to support research and development of drugs and interventions relevant to people of African descent.
In addition to the $75 million financing term sheet with BoI, Afreximbank also signed a facility agreement for a 100 million Euro trade finance facility in favor of the Development Bank of the Central African States (BDEAC).
The bank further signed its first Afreximbank Group venture capital investment in drug development and commercialisation, as well as a terms of agreement between Afreximbank and King’s College London (KCL) on the establishment of a Medical and Nursing School at the AMCE, Abuja.
Shettima praised the partnership between AMCE and King’s College Hospital, London, noting that they have laid the 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.
In his remarks, Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said that partnership surrounding AMCE will improve Nigeria’s foreign exchange earnings and reduce the cost of exit and exodus of highly skilled medical staff trained in Nigeria, adding that it will boost Nigeria’s economy and provide one-stop medical care for patients.
The CEO of the African Medical Centre of Excellence (AMCE), Brian Deaver, assured that patients will experience a new standard of care defined by excellence.
“We thank Afreximbank not only for financing this transformative project but for believing that Africa deserves not just good, but great healthcare,” he said.