By Omar Bah
The Africa Centers for Disease Control and Prevention (Africa CDC) and the African Export-Import Bank (Afreximbank) have announced a new collaboration agreement during the Global Forum for Vaccine Sovereignty and Innovation in Paris, France. This partnership involves Afreximbank committing a substantial $2 billion facility to support the “Africa Health Security Investment Plan, aimed at enhancing the continent’s health product manufacturing capabilities. This strategic initiative will prioritize the African Pooled Procurement Mechanism (APPM) and the Platform for Harmonized African Health Products Manufacturing (PHAHM).
This initiative is crucial for tackling Africa’s health investment challenges, promoting economic development, and enhancing health security across the continent. It will also complement GAVI’s innovative financing mechanism, the African Vaccine Manufacturing Accelerator (AVMA) (https://apo-opa.co/45uIR81), which aims to provide up to USD 2 billion in financing to African manufacturers of health and pharmaceutical products over the next decade.
Despite facing significant challenges in global health, security, and the economy, African pharmaceutical companies play a crucial role in driving investments and technological advancements needed in the health sector. Nevertheless, low investor confidence, insufficient infrastructure, trade barriers, and regulatory hurdles present significant obstacles to investing in Africa’s health industry. Despite the availability of funds, many potential investments do not come to fruition due to financial and non-financial barriers.
African Union’s ambitious goal of producing 60% of necessary vaccines locally by 2040 and implementing vital countermeasures, particularly during pandemics and outbreaks. There is a strong focus on bridging the investment gap to achieve this goal. Prof. Benedict Oramah, President of Afreximbank, reassured the audience about the transformative impact of a recent agreement that will bolster the manufacturing of health and pharmaceutical products in Africa, with various interventions including funding and investments. Dr. Jean Kaseya, Director General of Africa CDC, emphasized the significance of the investment announcements in revolutionizing health product manufacturing in Africa and contributing to the continent’s self-reliance in health countermeasures.
The “Africa Health Security Investment Plan” aims to mobilize resources to support critical health projects in Africa identified by the Africa CDC. It combines institutional and financial resources to attract more regional health investments. The plan is built on three pillars: Technical Assistance and Advisory Services, a single-entry point for health project preparation and implementation, and capacity-building support from the Africa CDC. Additionally, it includes an Investment Project Pipeline and regulatory and normative support to create a conducive environment for trade and investment. The goal is to address Africa’s health investment challenges, promote economic growth, and enhance health security across the continent.
