The African Export-Import Bank (Afreximbank) announced on February 17, 2022 that it had signed a loan agreement for 250 million euros with the German Development Bank KfW. The manna is particularly intended to finance the production, acquisition and distribution of anti-Covid-19 vaccines and medical supplies in Africa.
“This loan demonstrates the German government’s support for Afreximbank’s Covid-19 interventions across Africa. It also affirms the commitment of the German government to promote the manufacture of vaccines and other essential pharmaceuticals in Africa. Afreximbank has demonstrated its commitment and ability to support these activities across Africa, which ensures that the loan will be put to good use and fulfill its purpose,” said a statement from the pan-African institution.
The loan will also serve as a financing platform for Afreximbank to promote Africa’s independence in the manufacture of vaccines and pharmaceuticals in order to face future pandemics and other public health challenges.
“Developing Pharmaceutical Capacity in Africa”
According to Prof. Benedict Oramah, Chairman of Afreximbank, the institution “has worked tirelessly to support Member States as they strive to collectively achieve the African Union’s goal of immunizing at least 70% of the population of the continent by the end of 2022. Today’s announcement serves as validation of the Bank’s Covid-19 response strategy and its expansion to build pharmaceutical capacity in Africa”.
Through the Pandemic Trade Impact Mitigation Facility (PATIMFA) launched in April 2020, Afreximbank has disbursed over $7.5 billion to help its member countries manage the negative impact of financial, economic and health shocks caused by the pandemic. COVID-19.