Cairo, 28 May 2021: – African Export-Import Bank (Afreximbank) has signed a collaboration agreement with Africa Finance Corporation (AFC) to facilitate and support manufacturing of vaccines on the continent, critical to supporting Africa’s fight against diseases, such as COVID-19.
Under the agreement signed in April, Afreximbank and AFC will identify and engage partners, and co-finance vaccine manufacturing projects in Africa. The two institutions will provide preparatory support to project developers and promoters whilst stepping up policy and advocacy efforts to unlock major market barriers. These cross-cutting barriers include border clearance, road and freight logistics, cold-chain and warehousing on the continent and access to market. A key outcome will be establishing African self-reliance for the sustainable, secure supply of routine vaccines for the continent’s population, as well as improving the continent’s capacity to respond to epidemic outbreaks such as COVID-19.
Vaccine manufacturing in Africa has become a matter of utmost importance in ensuring that the continent has timely access to critical vaccines at a time where global manufacturers are compelled to prioritise their home markets as well as their commercial success where their pricing and delivery models favour richer countries.
Prof. Benedict Oramah, President of Afreximbank, said:
“Afreximbank, Africa CDC, AFC and the African Union all share the same vision that vaccine manufacturing in Africa will significantly impact the continent positively by guaranteeing access to critical vaccines when they are most needed and provide a basis for Research and Development on the continent. Africa is an importer of 95% of the vaccines it currently consumes. The ability to manufacture vaccines on the continent will contribute to conserving foreign exchange, creating employment and fostering the transfer of technology.”
The agreement was signed at a virtual conference on vaccine manufacturing where high-ranking individuals and organizations, including Africa Centres for Disease Control and Prevention (Africa CDC), endorsed the move.
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African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra-and extra-African trade. Afreximbank deploys innovative structures to deliver financing solutions that support the transformation of the structure of Africa’s trade, accelerating industrialization and intra-regional trade, thereby boosting economic expansion in Africa. The Bank has a rich history of intervening in support of African countries in times of crisis. Through the Pandemic Trade Impact Mitigation Facility (PATIMFA) launched in April 2020, Afreximbank has disbursed more than US$6.5 billion in 2020 to help member countries manage the adverse impact of financial, economic, and health shocks caused by the COVID-19 pandemic. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has completed the development of a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Afreximbank is working with the AU and the AfCFTA Secretariat to develop an Adjustment Facility to support countries in effectively participating in the AfCFTA. At the end of 2020, the Bank’s total assets and guarantees stood at US$21.5 billion, and its shareholder funds amounted to US$3.4 billion. Afreximbank disbursed more than US$42 billion between 2016 and 2020. The Bank has ratings assigned by GCR (international scale) (A-), Moody’s (Baa1) and Fitch (BBB-). The Bank is headquartered in Cairo, Egypt.
For more information, visit: www.afreximbank.com.
Amadou Labba Sall, email@example.com