Cairo, 07 Aug. 2018: – The African countries should develop manufacturing capabilities in pharmaceuticals and reduce the level of import of equipment and medicines in order to conserve foreign exchange, the African Export-Import Bank (Afreximbank) has said.
Speaking today in Cairo during the opening of a three-day consultation organised by the African Union Commission, in partnership with Afreximbank and the African Development Bank (AfDB), Amr Kamel, Afreximbank’s Executive Vice President in charge of Business Development and Corporate Banking, said that the Bank was committed to supporting the development of Africa’s pharmaceutical industry.
“Afreximbank is determined to continue implementing its health and medical tourism programme to help pave the way for investors and partners to develop the pharmaceutical industry in Africa,” said Mr. Kamel. “The continent unfortunately remains awash with fake, substandard and counterfeit drugs,” said Dr. Margaret Agama-Anyetei, Head of Health, Population and Nutrition of the Africa Union Commission. “This situation draws the continent away from its aspiration to guarantee high standard of living, quality of life and well -being of the citizens of Africa as envisaged by Africa’s Agenda 2063. In this regard, the Africa Union Commission seeks to advance the implementation of the Pharmaceutical Manufacturing Plan for Africa, building on continental trade initiatives, such as, the Continental Free Trade Agreement, recently endorsed by African Heads of States and Government.”
Also speaking, Malinne Blomberg, Manager, AfDB Egypt Country Office, said, “The African Development Bank finds that this consultation is unique as it brings together the three African organizations to have synergy in this strategically important area that will improve the quality of life for the people of Africa as well as create jobs which, collectively, will contribute to increasing economic growth on the continent”.
The three-day consultation is being held to discuss steps towards the creation of a fund to support pharmaceutical manufacturing in Africa. It is being attended by key stakeholders who are brainstorming and defining the type of fund, scope of work, legal and institutional modalities for setting up a mechanism for raising and channeling financial resources to the development of the pharmaceutical manufacturing sector in Africa.
The consultation process is part of a comprehensive approach to the establishment of an African Pharmaceutical Development Fund capable of mobilising resources from the public and private sectors.
Participants include professionals and experts from the pharmaceutical, finance, banking and private sectors as well as representatives of regional economic communities.
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Media Contact: Mr. Obi Emekekwue (oemekekwue@afreximbank.com; Tel. +202-245 64 238)
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About Afreximbank: The African Export-Import Bank (Afreximbank) is the foremost pan-African multilateral financial institution devoted to financing and promoting intra- and extra-African trade. The Bank was established in October 1993 by African governments, African private and institutional investors, and non-African investors. Its two basic constitutive documents are the Establishment Agreement, which gives it the status of an international organization, and the Charter, which governs its corporate structure and operations. Since 1994, it has approved about $60 billion in credit facilities for African businesses, including about $8.5 billion in 2017. Afreximbank had total assets of $11.9 billion as at 31 December 2017 and is rated BBB+ (GCR), Baa1 (Moody’s), and BBB- (Fitch). The Bank is headquartered in Cairo. For more information, visit: www.afreximbank.com